We've Been Using Our HELOC As A Giant Credit Card

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 840 Ratings

🗓️ 22 November 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.0	So we had a series of kind of unfortunate events that took place over the pandemic,
0:12.0	and it caused us to take on quite a bit of bad debt.
0:16.0	So we made improvements on the home with plans of investments coming through,
0:20.0	and those investments did not to come fruition and essentially went to zero.
0:25.2	So since then, we've been really treating our HELOC like a giant credit card prior to me finding this podcast.
0:33.2	So I'm in Canada, so our mortgage is up for renewal in June.
0:37.6	I'm in Baby Step 2, and the amount of the HELOC is so overwhelming that I feel like I'm not sure
0:44.9	whether I should be rolling it into our mortgage in June or whether we should be continuing
0:50.1	for the next five or six years on paying it down, keeping in mind that I have, you know,
0:55.0	three kids who are looking to go to university in the next five to eight years.
0:58.5	So, yeah.
1:00.4	How much is the helock?
1:02.1	So the helock is at 400,000.
1:04.8	Oh, my gosh.
1:06.1	What's your income?
1:08.2	So our income, well, well, before or after tax?
1:11.4	We've got some pretty hefty taxes.
1:12.6	Before taxes.
1:14.6	Oh, before about $500 a year.
1:17.3	Oh, my gosh, woman.
1:19.6	You couldn't cash flow of the renovations making half a million dollars?
	...

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