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Thread: What would you do?
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Thu, Apr 10th, 2014, 01:28 PM #1
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Thu, Apr 10th, 2014, 03:43 PM #2
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To pay off a debt, absolutely. Anyway you look at it, the interest you gain is offset by the interest you're paying.
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Thu, Apr 10th, 2014, 04:53 PM #3
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Assuming you have more cash than what you have in your TFSA (in case of needing some liquidity), yes.
The other thing to consider is that if you remove your money from your TFSA and then want to start contributing to it again after your LOC is gone, you might not have the contribution room. But you will gain that room back January 1st, 2015, plus your additional $5,500 for that year. Just a word of warning.
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Thu, Apr 10th, 2014, 05:23 PM #4
Momof5boys, I too would pay down the line of credit. Reducing debt I always a good thing. You will save on that LOC monthly interest and as long as you wait until 2015, you can catch up your TFSA contribution, as you can.
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Sun, Apr 13th, 2014, 09:15 PM #5
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Where are you earning 3.35% interest in a TFSA? I need to look into opening one there!
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