Line of Credit and Savings

Savings Chart

Table of Contents

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. 

Share This!

Very knowledgeable, helpful and fast service
Anthony Mcfeat
1701299046
I am so delighted to have found this company. They are the best. Everyone in the office is very nice never to busy to assist you. Thank you David Sklar and Shirley and associates for being you. 😊🌺😊
Deborah
1701263894
Trina was amazing and quick. No judgement was made and they all made me feel I made the right decision. Would highly recommend them
Crystal Minaker
1701222756
Trina was very easy to work with. Any questions I had were answered promptly. What seemed like a complicated process was explained in a clear manner that wasn't at all intimidating. It made for a more comfortable experience during a turbulent time.
Eldon Aubie
1701134421
Jackie is very professional...I would recommend David Sklar to anybody especially knowing how understanding they are.
Kimberley Lyder-Niles
1700968057
I had Shirley and Kim take care of my finances. From the very first moment I spoke with Shirley I could sense how caring, professional and patient she was. She was also very understanding with my lack of financial knowledge and never made me feel dumb as some other companies have.Her and Kim were always very quick to respond to emails, always available if I called and answered my abundance of questions in such detail that I now believe I have a thorough understanding of how finances work. I am hopeful about my fresh financial start and very grateful I had the privilege of meeting and working with these two beautiful women.I also spoke briefly with Richard over zoom and he to was extremely friendly, patient and made sure I was well taken care of.I could not recommend David Sklar and Associates more. Thank you again.
Shayleen Muzi
1700875951
Good professional team! Jennifer is the best, helped me through everything and answered all my questions. Made the process easy! Would recommend Jennifer and the team at David Skylar.
gary round
1700868378
Christine and her team are amazing and professionals. I called for help and she responded right away to help me.thank you and I really appreciated for everything you do.
Marcelina Sunas
1700837681
Thank you so much for the helpYou took away the most stressful things in our lives which was our dept you guys are amazing and would recommend you to everyone
Kaitlyne Sunas
1700833567
The staff here are fantastic (Cori handled my visit) and are willing to go above and beyond to help people who need help, I recommend them 100% for people who are looking to move on in good standing.
Vito De
1700805574
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us