The line-of-credit tag has no wiki summary.
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What do I need to know before opening a line of credit?
I'm considering opening a line of credit. The main purpose of this LOC would be to cover myself if I overdraw my checking account (I do this occasionally, and pay pretty steep fees every time). With a ...
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+50
Cash out retirement account or sell and downsize the house to pay off line of credit?
I am in my mid 40's and I have an outstanding secured line of credit with a large balance that I want to clear.
I can only come up with 2 scenarios to clear this amount based on my home equity and ...
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1answer
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Defaulting on an unsecured line of credit
When I have an unsecured line of credit, it is not backed by any assets I hold (e.g:car). So if I fail to pay it back because I lose my job, how will the bank get its money back?
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1answer
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Pros and cons of cashing out my RRSP in order to repay HELOC used to start a business, now failed?
I'm in my mid 40s and a few years ago I used my HELOC to start a new business. I was paying interest only on the loan in hopes of paying off the HELOC in lump sum amounts once the business was ...
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3answers
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Should I get a personal loan or a line of credit?
Looking to buy a new computer. While I can afford to buy it outright, I'm looking to get a loan to help make my credit a touch better. But I'm wondering if I should just go with a line of credit, ...
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1answer
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What kind of information can I use when trying to convince my bank to lower the interest rate on my line of credit?
I'm looking to lower the interest rate on my line of credit, and, before calling up my bank, I am wondering what kind of information I should have prepared that I can use as arguments when trying to ...
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3answers
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I've spent a lot in my line of credit, when should I refinance and transfer the debt to my mortgage?
There is enough equity in my mortgage to cover my line of credit - when is it a good idea to pay off my credit by increasing my mortgage?
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5answers
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When should I open a “Line of credit” at my bank?
I'm new to the concept of "line-of-credit", and my banker says I should be able to open one based on the number of stocks I own. I have no mortgage. I'm told that I'm able to deduct my interest on ...
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1answer
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Can a Line of Credit be re-financed? Is it like a mortgage, with a term?
I have a home equity line of credit, for which I have had trouble making large payments against since my career change. I'm wondering if I should be concerned over the interest charges, and if there ...
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3answers
771 views
For a major expensive home renovation (e.g. addition, finished basement, or new kitchen) should one pay cash or finance with a loan? Would such a loan be “good” debt?
This other question is similar, but was referring to a specific renovation/repair (new flooring) that, while expensive ($1500), isn't very expensive – it's feasible to consider saving up for ...
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3answers
1k views
Use retirement to pay off debt: Should I cash in RRSP to repay Line of Credit?
The amount I have in RRSP savings is exactly equal to the amount I have in Home Equity Line of Credit debt (significant, but aside from home mortgage, my family has no other debt).
I know if I ...
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5answers
708 views
Home Renovations are expensive.. Should I only pay cash for them?
Should I save up enough cash to do home renovations, or can I take out a loan? Our house needs a new kitchen floor as the linoleum is actually ripped in some areas, and the wood is exposed... This is ...
7
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2answers
333 views
What's better: An unsecured line of credit, or a secured line of credit like a HELOC?
I've heard that I can get a lower interest rate with a secured line of credit. If I qualify for a secured line of credit, why would I still want to use an unsecured line of credit?
