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From the headquarters of Ramsey Solutions, broadcasting from the pods, moving and storage studios.

It's the Ramsey show where we help people build wealth, do work that they love and create actual, amazing relationships.

Thank you for joining us America, George Campbell, Ramsey Personality, co-host a smart money happy hour podcast on the George Campbell YouTube mega hit.

Be sure and check out both. It's Camel with the K. He's my co-host today, Ramsey Personality. Open phones at AAA, 825-225. Canada is going to kick us off this hour. Scots with us. Hi, Scott, how are you?

I'm thinking great. How are you guys?

Better than we deserve. What's up?

All right, so my wife and I have $11,000 in debt. But we also have an RRSP line that will have not used since I worked at this job in about four years, five years maybe.

It has $4,000 sitting in it. I was wondering if it would be a good idea to take that $4,000 out and then pay off most of that debt.

I am not a hundred percent expert on Canadian retirement plan, but I'm almost positive that if you do that, you're going to get a heavy penalty and extra taxes. Am I not right?

I haven't looked into it very well. I'm almost positive.

I'm almost positive. It's like our 401Ks or IRAs in the States. In here, we would get a 10% penalty blusher tax rate. Therefore, Georgian, I would always tell you, don't do that.

I'm looking it up right now. It looks like there are, depending on your province and how much you're withdrawing, there will be anywhere from 10% to 30%. Just right there.

That is unwise, because that's like taking a loan out at 10% to 30% to pay off your debt.

It's not much money, so the damage in actual dollars is not huge, but percentage wise, it makes you want to throw up a little bit.

It's like, I want to borrow $4,000 at 30% interest. It's probably not going to kill you, but it's just dumb. The percentage just makes you go,

particularly the math nerd in me.

The other piece of this is the behavior change, because it's not really solving the problem, which was we went into debt.

I want to see you use your future income, sell stuff, side hustles, overtime, whatever you have to do to create that income to pay off that 4 grand.

Truthfully, that's not going to take long. You can do that.

Well, 11 grand is the total. Truthfully, the whole thing is not going to take long. If you step into a really nice side hustle, you'll do that very, very quickly.

But the big deal here is to stop the bleeding, meaning get on a budget, live on less than you make, be in agreement with your spouse, and then get an attack mode on that 11,000.

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