I got approved for a 18.4K line of credit with 5% interest ( scotiabank prime 2.55% ) would it be a bad idea to buy some blue chip stocks for dividends? The prices are too good now and I’m scared it’ll jump in the next few months. I put in 3200 a month into stocks. Planning to buy 10k worth of stocks now.

Update: Im 22 years old with a stable job that gets me 55k a year. My current financial position I make 3500 a month and invest 3200. Current portfolio holds 68k worth of stocks and I get 5.4K in dividends a year. My TFSA is maxed and non reg I get 175 a month in dividends to use. I still buy other stocks inside TFSA with dividend but can’t put anything in

I wanted to buy this year is BMO ZWK Bell TD

Next year I’m planning to buy Canadian utilities Algonquin power Scotiabank HR reit RioCan ZWU ZWG Emerg Corp Manulife