Pay off high interest credit card
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,362.00 | Status: | Loan created |
| Grade: | C | DTI: | 31% |
| Lender Rate: | 13% | Borrower: | drdmal |
| Finished | State: | CO | |
| Funded: | 100% | Group: | www.P2P-Loans.com |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-14 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| May 12, 2007 | Current |
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Purpose of loan:
Paying off a high (23.49%) interest bank credit card. This is the highest interest rate we're paying on anything, so seemed like a good candidate to refinance through Prosper. My financial situation: I've had stable employment for over a decade, just trying to finally get serious about getting out of debt. We've only got one year of daycare payments left - once our youngest hits kindergarten, we'll be in a position to really accelerate our debt reduction payments - including this loan. As to the four recent credit inquiries - one was for a home equity loan, which we used to refinance some debt at a lower interest rate. One was for a 0% credit card which I had intended to use to refinance some debt. The other two inquiries, I honestly don't know. I did have to get a new company AmEx card a month or two ago - they probably ran a personal credit check on me. My monthly budget: Mortgage/rent: $750 Insurance: $0 (wife pays) Car expenses: $0 (we dip into savings for this - the thought being our money is best spent paying down high-interest debt, rather than increasing our short/medium term savings) Utilities: $0 (wife pays) Phone, cable, internet: $173 Food, entertainment: $55 (my portion; wife pays majority) Clothing, household expenses $0 (wife pays) Credit cards and other loan payments: $2032.90 (we're serious about paying stuff down) Other expenses: $956 (daycare - in 15 months, this will reduce to approximately $400) --------------------------------------- Total monthly expenses: $3966.90 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 130475 | Pay off high interest credit card | C | $6,299 @ 20% | Apr 30, 2007 | Withdrawn |
| 354732 | Making it through the summer | C | $3,000 @ 11% | Jun 21, 2008 | Loan created |
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