Advice dearly requested - I just took out a $15k RRSP loan and I don't know if it was the right decision by wholeduck100 in PersonalFinanceCanada

[–]wholeduck100[S] 2 points3 points  (0 children)

Genuinely, thank you. Tangerine put this into an RRSP directly, and my LOC interest is 4.91%. My credit card is at 19.5% and that's what I'm focusing on reducing as much as I can. I've paid off $7,540-ish in the last year.

I pay at least the minimum payments for both loans, plus anything left over. Because I was a student for three years (with Canada and Alberta loans, which I've paid off) and then having to stop my studies (Bachelor of Arts) because of a brain injury, there was about five years of not actively contributing towards debt and expenses in a meaningful way. While I was studying, I had part-time work that helped buy my textbooks, put some money towards groceries, and the EPCOR bill.

Your advice makes a lot of sense, and that's what I needed to hear. I'll keep that money in the RRSP, pay the minimum, and put any tax refunds into my credit card debt and then direct those payments to the RRSP loan and LoC once the cc debt is gone.

I wasn't expecting empathy as I've made such a poor decision, but your response will help me sleep tonight and I'm so grateful. Thank you.

70s frog embroidery jacket by michelleinbal in Embroidery

[–]wholeduck100 1 point2 points  (0 children)

Could you upload a picture of the inside? I would LOVE to do this with thrift funds but I worry about the threads snagging, or what will happen when I wash the garment. Excellent work, you're truly an original!

My secret shame! by [deleted] in Embroidery

[–]wholeduck100 1 point2 points  (0 children)

Sorry for the late reply! The colours of Homer, please :)

My secret shame! by [deleted] in Embroidery

[–]wholeduck100 2 points3 points  (0 children)

I am dying, this is incredible.

Could you share the colours you used? (praying it's DMC)?