So it’s official. I’m broke.
Here’s how it went down.
Got around to talking to the man this morning about cashing in my RRSP’s ($12,000 minus the taxes we’d have to pay on the withdrawal) to pay down a couple of our high interest credit cards (Mappins for wedding & engagement rings – aprox $5000, Sears for honeymoon – $6000). Called the bank today to see if I could cash in my RRSP’s and spoke with a lady who suggested instead that since I’m past my probation period at my new job, that I might qualify to renegotiate my bank loan to consolidate the rest of my debt into one payment. Spoke with a specialist who crunched the numbers and (no surprise) it’s not going to happen. He said that I’d have to pay down aprox $20,000 of my debt in order to qualify for another consolidation loan. Never mind that my current bank loan is $20 grand and if I could pay that much money off, I wouldn’t need a consolidation loan, but whatever.
So now we’re back to square one. I’m waiting for the phone banking lady to call me back to see if I can cash my RRSP’s in over the phone, or if they are locked in and I’ll have to beg them to let me try to cash them in in person.
