Any tips on paying off $14,000 in credit line debt. I keep thinking about withdrawing money from my RRSP which I have more then enough to redeem. It would be so nice if I got a job with better pay as I think I’m slightly below average. After the last 2 years I took a couple trips to get some perspective, so now gotta figure out paying it off. Worst case I withdraw from RRSP, but trying to avoid that.

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I’m not super familiar with Canadian retirement plans or credit lines but I have a couple of questions. What’s your interest rate on your line of credit? How much are you able to pay off monthly from your income? Have you thought about a side gig? Supplemental income? Where’d you go on your trips? What perspective did you gain? Sorry, lost my train of thought. I want a vacay. What other investment/savings plans do you own? Do you have an emergency fund?

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Hey, thank your for your response. When you withdraw from an RRSP and it’s not for first time home buyer or education, you pay withholding tax. 10% if you withdraw under $5K, 20% under $15K, and 30% over $15K. If I were to withdraw my logic is that when I contributed to these RRSP in past years I was able to redeem the tax so now I would just be paying it back. I emailed the accountant I currently use, but they take forever to get back to me and when I asked a new accountant they said they need a retainer because I haven’t used their services which makes sense, so I decided I’ll figure it out on my own. The interest on my credit line is 11.99%. I know first step to paying it off is not charging so much in the first place which I’m trying to do. Got in some medium sized purchases I wanted so I should be good for a while. I think I can pay $500 per month. Yes I’m definitely interested in a side gig for something like affiliate marketing, I was thinking I’ll start posting products I like and use, tag the company to see if they are interested in me influencing. I currently walk a dog 2 times a walk and use the rover app…getting more involved with dogs and animals is something I’m really interested in as well. Oh and acting gigs like background/extras/voice overs jobs. I went to Vancouver island on my last trip and it was amazing because I did new things I’ve always wanted to try like taking surfing lessons, travelling from Victoria to Tofino, meet new people! I don’t have any other investments, but when I can afford I definitely want to make more investments…I’m just uneducated about investing. I don’t have an emergency fund anymore…had to use up a few years ago to help my parents.

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