I have roughly 60K left on the damn heloc monster. I have been running numbers, and trying to decide what to do. If I get a chunk of money from the life insurance, put half my emergency fund on it, and don’t put anything into my RRSP or TFSA for a year, I could conceivably pay it off in 2014. But, I have been using a two pronged approach up until now. I have been paying down the heloc, but also contributing to my retirement savings. I’m not sure if I feel comfortable with not saving anything for a year. I have always believed in the power of compounding, and to lose a whole year of compounding is huge.
On the other hand, it would be really sweet to start off 2015 with a clean slate.
What to do?