Questions & Answers

Questions & AnswersCategory: QuestionsDo I have to use my RSP to get out of debt?
Tina asked 1 year ago

Do I have to use my RSP to get out of debt?

asked March 12, 2021 by Anonymous

I am building credit card debt and have a line of credit balance growing too. I also have overwhelming bills since I stopped working in September. Is there a way to reduce my debt load without drawing from my RSPs? I also own part of my home and my mortgage is about 60% value of the home. What is the best way to reduce my debt?

1 Answers
Joe Torraca Staff answered 1 year ago

Consider filing a consumer proposal that will allow you to settle your debt. Contact a Licensed Insolvency Trustee who can meet with you and assess your financial situation and eligibility.

Victor Fong, LIT

answered 1 year ago by Joe Torraca