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funghi2 OP t1_j6kxaz7 wrote

Reply to comment by Knipfty in When to stop saving and start investing/paying off debt? by funghi2

Car and mortgage are the only debts either of us have. I’d plan too only have the line of credit available if I somehow hit really hard times and had no other options (which I don’t foresee) is there any negative to having the LOC and not touching it?

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Knipfty t1_j6kxngo wrote

It will show up on your credit report. That can be both good and bad. Many LOCs have application fees and time limits on when you can use them. Lastly, in 2008, many banks closed them when things went south. So not a good product to depend on.

So, yes. throw every spare dollar at that car loan and get it out of your life.

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