What to do with savings
Q – I have no money set aside for retirement, but I do have a lot of credit card debt. My question is should I use the money in my savings account to start an RRSP or should I pay down my credit card debt? – L.P.
A – This one is easy. Pay off the credit card debt. You’re being charged a very high rate of interest on that balance. The money you save by paying off the consumer loan could then be directed into an RRSP.