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Simplicity quest #3 and line of credit

July 29th, 2009 at 05:50 am

This has been a productive summer. I've read two books and watched 2 movies I'd been wanting to watch. You know, I'm on this simplicity kick and I've gotten rid of a lot of junk. Last night, I put all of our insurance policies declarations and income tax papers in the safe. They were all scattered in different places. I'm also trying to economize by getting quotes from different insurance companies to see if I can get them lower. I hope I can!! We are soon combining three bills (cable, internet and phone).

About my line of credit:

Two years ago we opened a line of credit for $100,000, but have never used it. I can keep it open, but it's costing us money because we had to up our coverage for homeowners insurance policy. Today I will discuss this with my husband and will have to make a decision on whether we should close or keep open. What would you do if you were me?

Have a good day!

3 Responses to “Simplicity quest #3 and line of credit”

  1. creditcardfree Says:

    I'm not sure. How much is it costing you? How does the line of credit impact your homeowners insurance?

  2. NJDebbie Says:

    I believe it's costing us about $200 more a year to our homeowner's insurance policy.

  3. creditcardfree Says:

    I might look for less expensive (free) lines of credit and once opened, cancel the one you have. If you haven't used it in two years, maybe you don't even need it.

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