by NATIONAL POST The balance on his line of credit is more than $100,000, but he’s paying off his credit cards every month.

He’s a friend of mine and his credit profile is pretty typical — smart enough not to pay the astronomical rates on his charge cards, but using the lower rate on his line of credit to cover the gap between his spending and his income.

And now he’s doing an even smarter thing. He’s actually paying down that line of credit.

A new study from Toronto-Dominion Bank says Canadians are beginning to get the message that it’s time to stop accumulating debt, but what about paying it down? (Read More)