Tired of Struggling
November 4th, 2010 by Questions
My husband and I have a joint low interest credit card (6.25%) with a balance of $26,000 and an even lower interest LOC (4.25%) with a balance of $25,000. He also has an RRSP loan of about $17,000 (3.25%).
We barely break even each month paying the min pymts on these as we are single income (his) and I`m at home with the kids (under 5) with no income.
We are considering a consumer proposal but are holding back because we are worried about destroying our credit rating – someday we would like to buy a home of our own – by the way we have no assets other than about $84,000 in rrsp`s and a $2000 vehicle.
We cannot get ahead with the pymts so high although we have low interest (for now) debt.
Would it be wise to do a CP, pay it off early and save our extra money instead of taking the next 20 yrs to pay this off? We are in our early 40`s and are worried about retirement and our kids education…..time is ticking away.
Posted from: British Columbia