Consolidating Credit Card Debt So We Can Close Some Accounts
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 31% |
| Lender Rate: | 20% | Borrower: | burninator |
| Finished | State: | OR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-06 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jun 09, 2007 | Current |
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Purpose of loan: We want to consolidate our credit cards and a personal loan so we can close out all but our oldest credit card account. Our credit rating has suffered because of our high balances. As our son approaches kindergarten age, we want to begin to think about purchasing a home so we can provide him with a single school instead of having concerns about needing to move. Getting our credit card balances down, keeping them down, and avoiding opening new lines of credit will help us do that. My financial situation: My financial situation is good. We pay our bills, have enough to keep up with our three-year-old son's growth when it comes to clothing, and we don't worry about making ends meet. I get positive evaluations at work, and my professional reputation is such that I'm beginning to take consulting contracts as time allows; which means I feel both stable in terms of my regular income, and able to find more work easily if I lose my job through a layoff. My wife's job is similarly stable. Monthly net income: $3,882 from my salary, $2,390 from my wife's salary Monthly expenses: $4522 Housing: $995 Insurance: $130/mo. auto Car expenses: $200 in gas, both our cars are in good shape and less than six years old, so they still only require routine maintenance. Utilities: $200 Phone, cable, internet: $145 Food, entertainment: $600 Clothing, household expenses $200 Credit cards and other loans: $952 Other expenses: $1,000 |
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