Interest rate on a line of credit

[HopeydaFish]

For those of you who have a line of credit, what kind of interest rate are you paying? I'm particularly interested in people who deal with Canadian banks. I have a student line of credit from the Royal Bank and have been paying prime + 3% interest on it ever since I graduated. I'm quite sure I'm being screwed.

[jackdaniels]

It depends on whether your LOC is secured (by the sounds of it - it is not secured).

You can negotiate the rate with the bank - especially if you are going to be buying a house some time soon (or give them the impression that you will), as they will want your business for that as well.

I live in Toronto, but most Canadian banks do this in a similar fashion. GL.