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Am I Insolvent?

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  • ueanuean Registered User regular
    edited January 2010
    Not to steal this thread, but there's been some really interesting discussion about not closing down a line of credit when it is full paid off. I recently finished paying off a $25,000 line of credit, and to celebrate, called the bank up and told them to shut it down. Was this stupid? Here's the fine print - 1) I live in Canada, and 2) this was a student line of credit, and I am no longer a student so would no longer be able to use it

    uean on
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  • ApogeeApogee Lancks In Every Game Ever Registered User regular
    edited January 2010
    If it is a regular line of credit, and it's your only one, keep it open. Always useful to have backup funds at a low interest rate. As yours was a student, it doesn't really apply.

    I'd reccomend EVERYONE have a standard LoC, if they can qualify. Useful to have for emergencies.

    Apogee on
  • robotbeboprobotbebop Registered User regular
    edited January 2010
    I should mention that I still have an appointment withe the CCS

    Is it worth my time to go to them still or ?

    robotbebop on
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  • edited January 2010
    It couldn't hurt to go see them. They might have some suggestions for your general financial health as well.

    Richard M. Nixon on
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