Paying Down Debt After A Divorce
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|Loan Status:||Paid||Origination Date:||2007-04-18||EricsCC ROI:||15%|
|Apr 18, 2007||Current|
|Nov 14, 2009||Paid|
Cleaning Up My Credit After a Divorce.
I got married at 26 in the Midwest then moved to Los Angeles soon after. The significantly higher cost of living caused my wife and I to access far too much credit. Her spending habits became worse and worse and we ultimately divorced after four years of marriage. Due to the disparity in incomes, I am now responsible for the debt acquired in the marriage. It's really the only negative thing in my life right now and it needs to be remedied. I'm happier than ever, have excelled at my job over the last seven years. I make a very good living but I find difficult to make headway on my credit cards thanks to high interest rates. My simple plan with this first prosper loan is to borrow enough to pay off one card. Once it is done, I will borrow enough to pay off the next card and so on.
My monthly budget:
A minimum of $5060/month take home after taxes, 401K, insurance, et al. Approximate balances and interest rates are in parentheses. I also get the occasional consulting or freelance assignment and I have received an annual bonus for the last 8 years, but I am not including those in this budget, as they are not guaranteed income.
-$1450 Rent & Utilities
-$170 Auto Insurance
-$85 Cell Phone
-$500 Car Payment
-$311 Debt Consolidation Loan ($4000, 7%)
-$280 MasterCard ($8000, 22%)
-$180 Visa ($5500, 29%) *Will pay off with Prosper Loan
-$150 MasterCard ($3300, 19%)
-$20 Macy?s ($100, 19%) *Will pay off with Prosper Loan
-$450 MBNA ($22,000, 17% - Joint loan with ex-wife)
That leaves around $1400 for gas, food, entertainment, health club, travel, savings, medical bills and anything else that comes along. Unfortunately, something always comes along and I end up living month-to-month rather than being able to pay down my debt or add to my savings. A prosper loan will basically allow me to pay off a card in three years or less for the same payment rather than 10 years paying the minimum on the credit card.
A little about me:
I have had a job basically since I was 10. I have always worked hard and even put myself through college mostly on my own. I moved to LA for better opportunities but I still have that strong Midwest work ethic. It?s helped me excel with my current company where I have been almost seven years now. I don?t want to owe anyone anything, especially the prosper community. I pay all of my bills on time (except for parking tickets, I seem to forget about those) and I really want to get of debt once and for all.
If you have any questions, feel free to ask.
|Borrower's Other Listings|
|117023||Cleaning Up Credit After My Divorce||D||$5,500 @ 18%||Mar 29, 2007||Expired|