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Thursday, January 23, 2014

For the first time ever, my BMO credit line is paid OFF. BANG!

Another week is about to end reallll soon, the weekend will soon be here. Since I am getting my paycheck tomorrow, I decided to pay my BMO credit line in advance and I used my margin to pay off my $647 balance. After my American Express, my BMO credit line is now pay off. What at will happen won't be much more exciting! I had changed a bit my initial January plan to pay off debt, but not drastically. The next couple months won't be much exciting. I am just waiting for my Shoppers Drug Mart to be sell (acquisition by Loblaw) and see the result on my margin. If I get a good cash amount and decrease a bit my margin, I could easily invest for the for time of 2014 in March. If everything goes well, it will be in my TFSA.

My next big debt payment will be in May, to pay off my $2 300 CIBC Visa at 0%. CIBC Visa had been quite generous with me lately. I actually have another offer available, 1.99% for 6 months. I didn't received any offer from TD Visa - I used to received credit card interest rate balance transfer every months. Anyway, it doesn't really matter now that I am crashing off my debt. But I will always remain the credit card balance transfer Queen. AE, CIBC, RBC, TD... They all have gave me good offers in the past and it still continue.

Now that all of my credit debt is about to be pay off, it can only benefit my credit score and the big fatty margin, well, it doesn't appear in my credit score! It could be one of the numerous benefits of holding on to a sexy margin.

After recently dumping a few stocks, my non-registered value is just a bit more than $133k. Of course, the dividend income is decreasing among the way, but it worth it. I no longer have a minimum payment of $70 to do on my American Express, I no longer have a $100 to pay monthly on my BMO credit line. I mean come on, really, does that girl really rock the place or what?

No matter what your thinking is, my minimum budget is now only of $1 061. And it will get even lower once my CIBC Visa and student loan are paid off. 

If it happen that you get really bored of reading about this chick paying off debt, well, you can always read the f comments. Have fun.


Anonymous said...

Way to go Sunny! When you set your mind, you certainly accomplish a lot! I am impressed with how quickly you slayed your BMO liability.

Keep up the efforts to pay down your debts.


Anonymous said...

How much margin do you have left after the decline today?

Anonymous said...

Dear Sunny,

Way to go! You will soon be debt free.

Anonymous said...

Using margin to pay off my $647 balance? This is like using one credit card to pay off another - not paying down debt, rather transferring it around. You pay of debt with CASH - but I'm not sure you know what that is.

Anonymous said...

Easily the best investment you've ever made.

Anonymous said...

Using tax deductible margin debt to pay off credit cards? Taxation no-no!. What's the cra tipline again?

Anonymous said...

She used margin line to pay BMO credit line... That's is not a Taxation no-no!

Anonymous said...

Margin loan interest is only tax-deductible if the loan is used to purchase taxable investments.


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