With an annual rent increase pricing her out of her downtown Toronto apartment, the public relations agent pulled the plug on city living.
“This debt has been hanging over me, and I want to get rid of it. I also want to save so that I can afford to return to Toronto soon,” Rebecca says, adding the costs of living alone were rapidly ballooning and left her little wiggle room to tackle her debt.During the week, Rebecca typically works from home but commutes to her office in the city twice a week. “I typically cook lunch and dinner for myself and my mom when I’m there.
We asked Rebecca to share two weeks of spending to see if it’s possible for her to quickly pay off her debt.Rebecca is back living at home with her parents as she tries to pay off her student debt so she can move out on her own again. She has $6,000 saved up in a TFSA account. She has $15,000 on her line of credit from her post-secondary education. If the line of credit is a student line of credit, it may have a favourable interest rate.
In Rebecca’s case, even if she is invested 100 per cent in stocks — most investors are not — her investment fees may further reduce her returns. The point? She may be better off paying down her line of credit debt instead of investing.
It not healthy to be in your late 20's with a full time job and live with your Mommy and Daddy.
Stop paying the debt. With no assets to be seized, there are only credit scores to be lost, and it is VERY easy to find a way around the credit system. Stop paying, build your life, and then come back to renegotiate after you are financially established.
School Depts. Choice. Subject of study. Choice. Location of study. Choice. Employability. Subject to SKILL level. Moving in with parents. Not an option for all. Learn a Skill. Stop listening to those who are disconnected from your reality.
Welcome to Ontario we give you debt so that you can have 'opportunity'