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nkyguy1988 t1_je7z88l wrote

So you have 190k outside of retirement accounts and an otherwise paid off house? If you paid the LOC today and paid yourself, how fast could you replenish? Even then, the LOC interest is higher than any savings interest. I'd still pay it off with that.

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ummagumma20 t1_je83yuj wrote

Yes abt 190k is correct. We can save abt 4k a month to replenish.

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nkyguy1988 t1_je8464v wrote

So 2 years and you are back to where you were with a paid off LOC today. Plus you still have the option to tap the LOC if absolutely needed while saving on the interest paid. I'd pay it off.

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BastidChimp t1_je81amp wrote

Just use your MMA and savings account to pay off your LIC. Any revolving LOC is crazy to keep in this high inflationary economy. Once you have ended your debt your options will open up immediately to save and invest more aggressively for other endeavors like your retirement accounts.

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ummagumma20 t1_je8471q wrote

I agree with paying off entire LOC but just u sure if using up all that cash to do so will be the right move.

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BastidChimp t1_je8smvk wrote

Variable rate loans are not good in this economic climate. Just pay it off so you can have more cash for your monthly budget. Depending on what state you live in, you'll need it for increasing food and energy costs.

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