Paying Off High Interest Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 68% |
| Lender Rate: | 14% | Borrower: | matteoms |
| Finished | State: | AL | |
| Funded: | 100% | Group: | Everyday People |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-05-30 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| May 26, 2007 | Current |
| Aug 05, 2008 | Payoff in progress |
| Aug 09, 2008 | Paid |
|
Purpose of loan: I am looking to use this $15,000 to pay off a high interest (23%) consolidation loan that has been eating me up with finance charges. The original consolidation loan was used to pay off a 29% credit card and basically I'm attempting to continue to whittle down the interest rate I'm paying on this money. My financial situation: I would consider myself to be in a good financial situation, despite my overall debt that I've gained over the years. While I do have over $40,000 in debt I have built up over $25,000 in savings through my 401K and stock plans at work, IRA, savings bonds, online stock investing, etc. Most of my debt was built up during younger years when working for a company that would lay off for part of the year, and I used credit cards to bridge the gap. Other debt has been incurred since my engagement and marriage to my wife - namely a new vehicle loan so that my wife will have a better vehicle and the credit card add-ons associated with paying for our own wedding/honeymoon. I've worked at the same company for six years now, and my wife started a job here after moving from Georgia where she had the same job for several years. We live in a trailer that I own, although we do pay a monthly lot rent for the neighborhood we are in. I also drive a 2003 truck that is paid off. I have never made late payments and have always kept my credit in good standing. My credit took a slight hit by co-signing on my wife's new vehicle (she had never built up much credit) and thus is the reason I am at a B instead of the A I was when they ran my credit for the vehicle loan. I do carry a lot of debt, but I've also never fallen behind and I do honestly see the light at the end of the tunnel. Just a couple of months ago I took $13,000 off of my debt and continue to lower the distance to my debt-free goals every month. My wife and I also maintain at least $1,000 in our savings account for emergencies or other problems. The Prosper loan will be paid back on schedule if not early, and once it is paid off I hope to be able to repay the generosity shown to me by lending to others. Monthly net income: $ My wife's income does not show on my DTI, which is one of the main reasons that it is so high currently. This is just take-home pay and does not include amount put into savings bonds and 401k that can be altered to allow for more take-home if need be. My income: $1,400 Wife's income: $1,200 Total: $2,600 *Please note that this does not include any overtime which we do get fairly often. Monthly expenses: $ Lot Rent: $150 (this includes the water bill) Power: $100 (Fluctuates from $80 to $120, so on average about $100) Phone: $80 Car Insurance: $125 House Insurance: $45 Car Payment: $380 Credit Card: $150 (This also covers our Internet, Netflix service, and a couple of other items) Consolidation Loan: $405 (This will be the loan the Prosper loan will be replacing, freeing up the $400 for Prosper payments) Gas: $320 Savings Deposits: $200 Groceries: $100 Misc: $100 (Eating out, non-grocery items, etc.) Total: $2,155 This leaves $445 extra for any other needed items or paying extra on bills. So as much as $850 a month could be set aside to pay the Prosper loan, in addition to being able to scale back savings deposits to cover bills as well. Thanks for your interest in my loan and you can count on me paying back this debt on or before schedule. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 378987 | Refinancing Auto Loan | A | $14,000 @ 15% | Aug 06, 2008 | Expired |
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