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450 Posts
With that high interest VISA I'd suggest figuring out what your tax liability for selling your shares would be, set that aside*, and put everything else against the VISA. No point in keeping any aside for an emergency fund or RRSP contribution, not with that big a balance sucking 18%. Besides, you can always re-borrow it if another emergency crops up.
* - or, if you can save it later in the year, then put everything against the Visa ASAP and just be sure to save up before tax time.
With that kind of balance at that rate I wouldn't worry about investing right now, since you're very unlikely to do better in the market (and especially not in 3.3% GICs!). In fact if your tax rate was lower, I'd consider cashing out the RRSP you do have to whack that credit card.
Have you already asked the bank about a consolidation loan or an increase on your LoC? With your income, as long as your credit is otherwise decent you should be able to get a 20-30k LoC at that rate. Plus I'd be surprised if the bank looked favourably on keeping your money in an RRSP rather than paying back your debts, so I'm not sure that would help you get a consolidation loan (though it wouldn't be the first time I was baffled by the thought process of a lender).
What about an RRSP loan in Feb?
* - or, if you can save it later in the year, then put everything against the Visa ASAP and just be sure to save up before tax time.
With that kind of balance at that rate I wouldn't worry about investing right now, since you're very unlikely to do better in the market (and especially not in 3.3% GICs!). In fact if your tax rate was lower, I'd consider cashing out the RRSP you do have to whack that credit card.
Have you already asked the bank about a consolidation loan or an increase on your LoC? With your income, as long as your credit is otherwise decent you should be able to get a 20-30k LoC at that rate. Plus I'd be surprised if the bank looked favourably on keeping your money in an RRSP rather than paying back your debts, so I'm not sure that would help you get a consolidation loan (though it wouldn't be the first time I was baffled by the thought process of a lender).
What about an RRSP loan in Feb?
