Paying Down Higher Interest Debt

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Listing Information
Amount: $9,999.00 Status: Loan created
Grade: D DTI: 11%
Lender Rate: 15% Borrower: mandrew0406
Time Left: Finished State: MD
Funded: 100% Group: Computer & IT Professionals
Loan Information
Loan Status: Current Origination Date: 2007-04-19 EricsCC ROI: 11%
Status History
Apr 19, 2007 Current
Purpose of loan:
I have some outstanding credit card debt that I have been paying monthly, but I would like to consolidate my debt payments down to a single, lower interest payment. My debt is already shrinking each month, so this should help to accelerate the process. I manage my debt currently by not using the credit cards that I am paying down (I just make payments on them); I do virtually all of my spending on my charge card and I pay that in full.

My financial situation:
I have been working in the IT department of a well-known publishing company here in the D.C. area for over five and a half years. I have been in my current role, as an Analyst, for about one year and three months. I also do some I.T. consulting work on the side for other organizations; I derive an additional $1,000-$2,000 / month from my consulting work (not included in the salary mentioned above).

My monthly budget:
Mortgage/rent: $1,000
Insurance: $80
Car expenses: $100 (including gas)
Utilities: $115
Phone, cable, internet: $150
Food, entertainment: $400
Clothing, household expenses $100
Credit cards and other loan payments: $375 (not including credit cards that will be paid off with this loan)
Other expenses: $180 (pretax payroll deductions)
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Total monthly expenses: $2500
Borrower's Other Listings
34162 Debt Consolidation E $5,000 @ 11% Aug 25, 2006 Withdrawn
115442 Paying Down Higher Interest Debt D $9,999 @ 19% Mar 25, 2007 Expired
352411 Move Higher Interest Debt to Prosper B $12,500 @ 15% Jun 17, 2008 Expired

 

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