Should we obtain cash from our line of credit?

Emman · 10-08-2008, 07:00 PM

I have a savings account where I put 10% of my net income to earmark for my Roth IRA. I have recently taken out all my money from that account (about $3000) and stuffed it in my mattress so to speak. From what I have been gathering, it is imperative to obtain enough cash to get by for a month or two in case the banks close. I've been telling friends to get cash now.

I have a question that I would like to put out there:

I have over $10000 available in a line of credit. Should I get a cash advance of say, $1000-2000 or whatever? I don't like to dip into my credit, but I am wondering if I should just get whatever cash I can get my hands on right now just in case banks close and nothing is accessible. Thoughts??

Thanks......

10-08-2008, 07:00 PM	#1
Emman Avalon Senior Member Join Date: Sep 2008 Posts: 37	Should we obtain cash from our line of credit? I have a savings account where I put 10% of my net income to earmark for my Roth IRA. I have recently taken out all my money from that account (about $3000) and stuffed it in my mattress so to speak. From what I have been gathering, it is imperative to obtain enough cash to get by for a month or two in case the banks close. I've been telling friends to get cash now. I have a question that I would like to put out there: I have over $10000 available in a line of credit. Should I get a cash advance of say, $1000-2000 or whatever? I don't like to dip into my credit, but I am wondering if I should just get whatever cash I can get my hands on right now just in case banks close and nothing is accessible. Thoughts?? Thanks......