How I'm Paying Off $131K in Debt from a Small Room in Banff
$31K line of credit, a Yukon loan, five credit cards, and one very cold winter. Here's the plan and the honest math.
The number at the top of this site — $131,000 — is not a metaphor. It's a Scotiabank line of credit, a Yukon truck loan, and five Visas in a drawer. This is how I'm paying it off without pretending I have a finance degree, and without selling anyone a course.
Where the debt actually is
- $31,000 on a Scotiabank line of credit at prime + 2
- A Yukon truck loan I use to run my chauffeur business
- Two active Visas: a Scotia Value Visa capped at $3K, and an RBC Avion
- Three other Visas locked in a drawer, kept open for utilization
The plan, in three moves
1. Kill the highest-rate balance first
The Avion sits around 20.99%. Every dollar I throw at it earns more than any GIC or S&P return I'd realistically get in the next year. That's my number one line item every month.
2. Keep the LOC at prime + 2
My Scotia LOC is the cheapest debt I have. I pay minimums plus whatever's left, and I do not consolidate the truck loan into it — that's a common mistake I'll write about later.
3. Feed Wealthsimple $50 at a time
I pulled $4,000 out of my Wealthsimple S&P 500 a few years ago to fix an engine that blew anyway. There's $150 in there now. I'm rebuilding it in tiny increments so the habit outlives the debt.
The whole point of writing this in public is so I can't quietly quit when it gets hard.
I'll update this piece every quarter with the real numbers. If you want the updates by email, there's a signup at the bottom.
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