Comments on: Savings or Bust http://www.fortheloveofmoney.ca/2009/04/savings-or-bust/ Personal commentary from Canada's experts on debt management. Thu, 09 Sep 2010 21:47:27 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Laurie Campbell http://www.fortheloveofmoney.ca/2009/04/savings-or-bust/comment-page-1/#comment-144 Laurie Campbell Mon, 25 May 2009 15:25:16 +0000 http://www.creditcanada.com/blogs/?p=113#comment-144 Congratulations for doing such an amazing job of paying down your debt. No doubt you must be very pleased. Although you do have very little debt left from where you started, staying the course is a great plan. Yes you could invest in a tax free savings account or other investment vehicles and it is wise to do so, but you are correct in that the interest rate would be much lower than you are currently paying on your debt. So getting rid of that debt should still be your number one goal. It seems that you will very soon be debt free and then can look at some great savings strategies such as paying yourself first, investing in retirement and putting money in an emergency fund. While you are paying out that last remaining debt, review all your options, and begin reading on savings strategies so you will know exactly what you need to do once you are debt free. Again congratulations and the best to you in your future 'savings'. Laurie Campbell Executive Director Credit Canada 416-228-2526 Congratulations for doing such an amazing job of paying down your debt. No doubt you must be very pleased. Although you do have very little debt left from where you started, staying the course is a great plan. Yes you could invest in a tax free savings account or other investment vehicles and it is wise to do so, but you are correct in that the interest rate would be much lower than you are currently paying on your debt. So getting rid of that debt should still be your number one goal. It seems that you will very soon be debt free and then can look at some great savings strategies such as paying yourself first, investing in retirement and putting money in an emergency fund. While you are paying out that last remaining debt, review all your options, and begin reading on savings strategies so you will know exactly what you need to do once you are debt free.

Again congratulations and the best to you in your future ’savings’.

Laurie Campbell
Executive Director
Credit Canada
416-228-2526

]]> By: Ray http://www.fortheloveofmoney.ca/2009/04/savings-or-bust/comment-page-1/#comment-143 Ray Mon, 25 May 2009 14:39:37 +0000 http://www.creditcanada.com/blogs/?p=113#comment-143 Dear Laurie, Last September, I had 15,500 debt, now it is 1,860 and possibly 1440 by the end of May, on a part time job (sign of the times). My question is that I am receiving advice that I should start shifting my priorities and both save and pay down THE DEBT. My thinking is that now savings account-even the new one that is being advertised pays more interest when compared to the interest on the line of credit of 7%. What would you advise? Ray Dear Laurie,
Last September, I had 15,500 debt, now it is 1,860 and possibly 1440 by the end of May, on a part time job (sign of the times). My question is that I am receiving advice that I should start shifting my priorities and both save and pay down THE DEBT. My thinking is that now savings account-even the new one that is being advertised pays more interest when compared to the interest on the line of credit of 7%. What would you advise?
Ray

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