Line of Credit and Savings

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Line of Credit and Savings

When line of credit rates and credit card rates are low, it is tempting to use these to make a purchase, where you normally would have saved or put off that purchase. The temptation to use these low rates is great, where saving the money to make the purchase outright, does take time.

Saving Vs Low Interest Rates

If you opt to use the low interest rate on a line of credit from your bank or credit union or your credit card, before you know it, the balance on these will be higher that expected and it could take you a lot longer than expected to pay off these debts. It is surprising how fast the balance on these can increase so quickly.

These credit options can lead you to a situation where you have more bills than income coming in. Also, emergency situations can happen, and if you don’t have enough saved up for this, it can put you further into the hole.

Don’t wait too long to deal with your current debt level. Always keep on track of how much your line of credit and/or credit card limits are, and make sure you are making payments on these.

If you want to make a purchase for a house, or a family vacation, plan in advance and save up. Having a savings account you can rely on for an emergency, or a special purchase can make things a lot easier for you now and in the long run. Even at low interest rates, it is still costing you money per month.

Teach your kids good spending habits. Imagine if kids had credit cards and purchased what they want, when they wanted. It would get out of hand. Teaching them good spending habits early on, will help them to become more financially responsible when they are older.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
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22:08 13 Jan 23
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01:13 22 Dec 22
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18:22 21 Dec 22
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16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
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21:35 02 Dec 22
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M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
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00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
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12:21 16 Nov 22
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