Close high-interest credit card account
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,800.00 | Status: | Loan created |
| Grade: | B | DTI: | 28% |
| Lender Rate: | 13% | Borrower: | AndyAtlanta |
| Finished | State: | GA | |
| Funded: | 100% | Group: | Yale Alumni |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-06-02 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| Jan 05, 2007 | Payoff in progress |
| Jan 10, 2007 | Paid |
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Hello, and thanks for reviewing this listing. I had a bad habit in my 20s of accepting every pre-approved credit card I was offered, and then treating the banks' money as if it were my own. I ran up a lot of debt which I then slowly began to pay down. Then some actual problems came along (job loss, relocation to another state, and a layoff after 9/11) that made me max out my credit cards. So much for becoming debt-free! Over the past several years I have made big strides toward financial stability. I have been at my current job since January 2002, and my company is very stable. I work a second job on the weekends, which has helped me to pay off $650-950/month despite the very high interest rates that the banks imposed when I got too close to my credit limits. I saved and saved to buy an engagement ring last winter without dipping into my credit lines. Also I have learned to live frugally and to enjoy cheap or free ways to occupy my leisure time. In short, I have kicked my addiction to unsecured credit, but I have to keep paying off the debt. I will marry in June 2006. My fiancee has offered to pay the mortgage on her townhouse for the first year or two so I can concentrate on becoming debt-free. What an understanding person she is -- I'm very lucky to have her in my life! Of course she wants us to have a stable future together. It's not a big sacrifice for her to make because she has been paying this mortgage by herself for the past three yeras. Our combined income is $109k with a mortgage of $1100/month plus one car payment. You'll see from my information that I have ZERO LATE PAYMENTS or delinquencies on my credit record. YOU WILL RECEIVE ON-TIME PAYMENTS EVERY MONTH. I will use this loan to pay off a high-interest credit card account to which I currently pay $245/month, so it will fit perfectly into my budget. My debt-to-income ratio will immediately fall almost to 20% because I will use this money to retire debt that's already on my credit record. Thanks again for reading this, and I hope we can be partners in this process! |
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