IT Network Admin cosolidate CC debt from wife's law school
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,001.00 | Status: | Loan created |
| Grade: | C | DTI: | 48% |
| Lender Rate: | 14% | Borrower: | tellykiler |
| Finished | State: | MA | |
| Funded: | 100% | Group: | Super Clean Credit |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-24 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| May 25, 2007 | Current |
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Purpose of loan: This loan will be used to get a better rate on some high interest debt. My wife has been in law school (a top-tier school in Boston) for the last 3 years (will be graduating this month and already has a job offer [contract signed] at a top worldwide & well known firm to start work in September) and so since I?ve been the only one working for these 3 years and we live in a high cost of living area we have sometimes used credit cards to help us get by. Most of this debt was racked up when she first started Law School in 2004 and at that time I wasn?t making nearly as much as I am now. At that same time we got engaged and moved in with each other, so there were a lot of first-time expenses like furniture that I also used the credit cards for. I now make about $15K more now then I did in ?04 so we are no longer using the CCs to pay for anything and I now have the cash-flow to pay much more then the minimums. I?m not is a situation where I need to consolidate so I?m only making one payment or to free-up some extra cash flow. I just want to get a lower rate on some of my debt! For my Prosper loan, I've entered the highest interest rate allowed by my state. I was going to ask for an even smaller loan, to seem more attractive to lenders, but in MA anything under $6,001 and the rate cap is 12% and I know that isn?t a competitive rate on Prosper for somebody with my credit grade. My financial situation: I am 26 years old with a business degree from Northeastern University. I work as a Computer Network Systems Administrator for one of the largest mutual savings banks in the US. As you can see, I have never once been late on a loan payment, and I have worked full time for the same company for almost nine years! These two facts speak volumes about my commitment and ability to take life seriously. By using this prosper loan to repay higher interest debt, I will be saving a good amount of money on interest charges. My DTI is a bit off, as I make a good amount of extra money by bartending at a national steakhouse chain, but some of that income is not easy to verify by prosper standards. I have been working part-time at this same establishment for almost 5 years, and I average over $26/hour. Also, once my wife begins work in Sept. my household income will go from about $70K to over $200,000. Monthly net income: $ After taxes, medical deductions, and 401K deductions my average net pay from my day job is $3,175 per month. Some people wonder why I still contribute to my 401K while I?m in such debt, but the reasons are simple and well thought out. Between the tax savings and the fact that I have a company match program (50%), financially I am better off contributing up to my company match-point even though I have some high interest debt. Since I don?t have a cash-flow problem, the tax savings and company match provide for a better return then using that money to further accelerate debt payments. Even still, as you?ll see by looking at my budget, I pay about $2,600 towards my debt each month. Monthly expenses: $ Housing: $ 535 Insurance: $ 75 Car expenses: $350 Utilities: $ 75 Phone, cable, internet: $75 Food, entertainment: $ 350 Clothing, household expenses $ 200 Credit cards and other loans: $ 1400 Other expenses: $ 100 --------------------------------------- Total monthly expenses: $3160 My full time job salary exactly covers my monthly budget items. My actual take-home from my bartending job is around $1200 per month, and since that is all icing on the cake I use this money to payoff debt or handle small contingency items like when the car ne |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 130528 | Consolidate high interest CC debt | C | $7,000 @ 16% | Apr 30, 2007 | Withdrawn |
| 132566 | IT Network Admin consolidate CC debt from wifes law school | C | $9,000 @ 18% | May 04, 2007 | Withdrawn |
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