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11U IOMIII Mil II Business Getting a line on a good deal By Linda Hay passed up an ex ircmely good bargain because you have the money or even ex pen need the embarrassment of having a cheque bounce when youd miscalculated your balance then you should consider a person lute of credit A line of credit gives you the convenience of a loan without having to apply for it or go ihrouth the paperwork You pay interest on die amount you borrow for the number of days you use ihc money at a lower rate of inicrust ihan the the rates applied to out standing credit card balances Financial Counsellor Is brought to you by Canada s Local Credit Unions how a line of train works You arrange with your to have a amount of money made available lo you should you decide lo draw on Its like a pre arranged loan and receive the money you only have to write a cheque on your regular account In ihc case of credit union members holding a payment card the line credit cm apply lor such How much you can draw on dc on your financial situation and your credit rating Usually there are no administrative charges and you receive a month ly statement on your cretin Interest is charged only on the amount borrowed not full line you could borrow and only for the length of i have the money There s a mum monthly repayment to make sometimes as low as but you can pay off le amount any you choose The rale of intern on I credit depends again on your per sonal credit rating and how the line is secured Generally die raic is from to above llie pnmc rate While a line of credit will never replace a standard loan it has a number of advantages for today consumers Busy people like the convenience the flexibility and the lack or red tape in the arrange You can lake advantage of bargains on large ticket items like furniture and appliances with out exhausting your rcdit card mil or paying credit card rates of interest on die outstanding It comes in handy in situations such as an peeled car repair or a sudden out of town trip for ihosc who arcn l always up to date on their account balance a line of credit ensures against overdrafts and the cmbar of bounced cheques And Us completely No one will know you vc accessed your line of credit because all you do is sign a regular cheque or make a payment card purchase J ft Photography 65 King Street Georgetown CALL 877 2322 FOR AN APPOINTMENT Investors Group Inc Announces A COMPLIMENTARY FINANCIAL PLANNING SEMINAR Presented By Patrick Donnelly and Herb LaRoche TOPICS INCLUDE Managing For Capital Growth RRSPs Managing Retirement Income Tax Retorm GORDON ALCOTT MEMORIAL ARENA 211 Guelph St Georgetown Wednesday October 14th 730 pm Please Confirm Your Attendance By Calling 500 Investors Group Inc