CC Debt Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 31% |
| Lender Rate: | 19% | Borrower: | joshd |
| Finished | State: | AL | |
| Funded: | 100% | Group: | A thru E graded Loans --> 100% borrower success rate |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-24 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| May 25, 2007 | Current |
|
Purpose of loan: I'm trying to get out from under a mountain of Credit Card debt that has been smothering me since my first year in college. Most of my debt is actually very old; the only times I've used credit cards in the past 4 years, with very few exceptions, have been to transfer balances seeking to consolidate to fewer payments or better rates. These are the cards, and their current balances Credit card 1: $5072 @ 29.99% Credit card 2: $5811 @ 28.99% Credit card 3: $3105 @ 19.99% I have 3 additional cards with a combined balance of $770, all with rates less than 18%. My total credit card debt is $14,758; of that, $12,788 is being paid at well above 18%. My goal is to pay off this debt, which is proving so very difficult to escape. My financial situation: I make great money, in a stable job. I have been married for 7 years, and I have 2 beautiful daughters (ages 4 and 2). We've made some progress in the past couple of years, but getting completely paid off is several years away without some drastic measures. My wife is currently a stay-at-home mom, as we decided that after paying for childcare, she would probably not bring home enough to make it worthwhile. Explanation of delinquencies: When Prosper.com pulled my credit, they noted 10 delinquences. All of the delinquencies came from 2 accounts; the first was a Kay Jewelers card. It had a balance of less than $700, but when I moved from one apartment to another in October 2000, something happened with that particular bill. At the time, I had 2 separate Kay accounts (one was my wife's, and we'd just gotten married), so I did not notice the missing bill (since I was still sending a check to Kay each month). Once I found out about the delinquency, I immediately caught up my payments with them (May of 2001). The other series of delinquencies came from a school loan from the University of Alabama. Again, it was related to a move; this time, from an apartment to a rental house in October, 2002. In this case, my loan had been in deferrment for several months, so I wasn't being billed. It happened that my deferrment ended shortly after my move, and I did not get the bills. Again, as soon as I found out, I brought my account current (June, 2003) and it is current now. Monthly income: Monthly gross income: $6367 (contribute 5%/month to 401k or $330) Monthly net income: $4222 (in addition, I have a bonus plan and perform consulting work for money not included here) Monthly expenses: $ Housing: $ 1040 (Mortgage, 30 year fixed, 6.375%, $139,367 remaining) Car expenses: $ 935 (Car 1 $475, 4.99%, $12,779 balance, Car 2, $260, $9138 balance, $200 for Gas) Insurance: $ 200 Utilities: $ 300 Phone, cable, internet: $ 200 Food, entertainment: $ 300 Clothing, household expenses $ 100 Children: $200 Subtotal of Monthly Expenses: $3275 Cash flow: Income $4222 - Expenses $3275 = $947 from my base salary plus extra from any bonuses and consulting work which I did not include here to be conservative in my estimates. I have been paying approximately $1000 each month toward my credit cards. By getting a Prosper loan for $12,000 at a rate of 20% my monthly payment will be cut to $450, saving me $550 a month. This will allow me to put extra towards the Prosper loan, and making me debt free in 3 years (or less!). |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 137220 | Get Out From Under Credit Card Debt! | C | $12,000 @ 18% | May 14, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|