Our Credit Line is up and running at the new limit: $42,000. The first thing I did was to pay off the student loan and pay off the Visa. We can keep all of our debts in one spot now!! One debt payment left!!
The difficulty that I have been alluding to will now become apparent. We will be making large regular payments but we will also be using this to make a portion of our deposit on our house- almost $5000. So there will be fluctuations in this debt. We will just have to deal with it for now. The CR Line has the lowest interest and instead of holding RRSP money aside I am going to put it on the credit line to save a little interest while I'm holding onto some of it. I have 4 withdrawals to do for the Home Buyers Plan. The first withdrawal from my RRSP's for $8000.00 was completed. $5000 will be going to the builder tomorrow and I have moved the $3000.00 to the credit line to save interest until it is needed. I will have another withdrawal in September which will be covered by a separate RRSP, so the $3000 will stay on the Credit line until November. I could save anywhere between $15-30/month in interest charges so I will take it.
Every penny counts right now-- my top priority making sure we can make our commitments for the mortgage so that we don't lose our deposit or our house.
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