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Using Severance pay to pay down debt

Hi,

I`m going to be getting a large severance payout soon & then will be starting another job. I will be puting a large portion of it into an RRSP account but would like to take the rest ($12,000) to put toward a high interest line of credit (28.8%) of $14,000. This makes sense, right? I just want to pay it off sooner.

Jim

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One Response to “Using Severance pay to pay down debt”

Barton Goth GCO Bankruptcy Trustees said...

This sounds like a good plan, I am always a believer that the best investment you can make is paying off your debts, especially high interest debts. If you think about it by paying off the high interest line of credit you essentially have made a 28.8% return on your investment and who can argue with that?