Consumer News
Are Your Bills and RRSPs Giving You the Winter Blues?
By
Dec 15, 2007, 13:22

(NC)-January is a tough month and you don't even have to ask the weatherman. The bills from the holiday shopping are in the mail and the impending RRSP deadline is just around the corner, February 29th to be exact.

This leaves some of us feeling under the weather just thinking about how we're going to pay the bills and save for RRSPs.

A line of credit is an option to solve this dilemma. It's a smart option to pay off your bills or to maximize your RRSP contribution as it allows you to borrow money at a much lower interest rate.

There are two types of lines available to consumers a secured or unsecured line of credit. The difference between the two is that with a secured line of credit you use the equity in your home as leverage in order to obtain a lower rate.

Typically, you can access as much as 80% of the value of your home less the amount of any existing mortgage.

Another benefit of a line of credit is that it gives you ongoing access to money whenever you need it. There is no need to reapply. And generally, when you repay your line of credit balance, your credit limit is automatically restored for you.

When it comes to payments, you'll enjoy its flexibility and affordability. For example, with the CIBC Home Power line of credit you can repay as much or as little as the minimum monthly payment.

You can link your line of credit to your CIBC Convenience Card. This allows you to access or transfer funds easily through telephone and online banking or make Interac direct debit purchases.

So the next time you find yourself feeling blue over paying your bills or finding money for your RRSP contribution; remember to ask your financial advisor about a line of credit. It may just be what you need to feel better this winter.

More information regarding lending options is available from your local CIBC branch, by calling 1 800 465- CIBC (2422) or at www.cibc.com

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