Consolidating High Interest Credit Card Debt
Click Here to view this listing on Prosper
|Loan Status:||Paid||Origination Date:||2007-03-06||EricsCC ROI:||12%|
|Mar 07, 2007||Current|
|Aug 19, 2008||Payoff in progress|
|Aug 22, 2008||Paid|
My name is Erik, and I am seeking a loan to consolidate and pay off credit card debt and save hundreds in interest charges.
My wife, Linda, and I have been married for just over a year and a half. Our credit card balances were run up for a number of reasons, including:
- Relocation expenses for a move to Chicago and a great new job. (Big 4 Public Accounting Firm)
- unforeseen wedding expenses. (Foreign exchange rate fluctuations between U.S. and Canadian Dollars)
- unforeseen legal fees for my wife's immigration from Canada. (Visa and permanent resident process)
I am in the fifth year of my career as a public accountant and recently relocated to Chicago from Oklahoma. I've been using my new higher income to pay off credit card debt, but I'm tired of paying high interest rates as I work to pay down the balances. Linda and I were married just over a year and half ago in Canada, and financed part of the wedding costs with credit card debt since the wedding was more expensive than we had anticipated. My wife's immigration to the United States lead to a further run-up of debt, with unexpected legal fees.
We are systematically paying down the credit card debt according to interest rate. We always pay on time, never delinquent. Please see a copy of our debt payoff plan: http://www.geocities.com/erikderr42/Debt_Paydown_Plan.pdf
The loan I am requesting is to pay off our high interest rate credit cards. I would like to pay off and close some of these revolving credit accounts and consolidate payments under one loan with a lower interest rate. This would save us over $500 in interest over the course of our debt payoff plan. We plan to pay off the loan balance within 12-18 months in accordance with our current debt payoff plan.
I am asking for $6,500.
My monthly income/expense are:
Income from Erik: $3,966.53
Income from Linda: $1,609.24
Take-Home Income: $5,575.77
Cable/Internet: $ 150.00
Phone/Cell: $ 150.00
Electricity: $ 80.00
Natural Gas: $ 35.00
Gasoline: $ 80.00
Gov. Student Loans: $ 322.00
Food: $ 400.00
Credit Cards: $ 800.00
Total Expenses $3,517.00
I am currently paying equivalent or higher payments every month on the credit card debt, so a Prosper loan would just be a change of creditor. The loan will allow us to put more money toward paying down the balance instead of paying the high interest rates.