Refinance High Credit Card Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 17% |
| Lender Rate: | 11% | Borrower: | darainman2000 |
| Finished | State: | VA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-08-06 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Aug 04, 2007 | Current |
| Sep 13, 2007 | Payoff in progress |
| Sep 15, 2007 | Paid |
|
Purpose of loan: I'd like to use this loan to refinance a high interest credit card rate that I have. I have 3 credit cards. One is approx. 27,000 at 5.9% interest rate w/ monthly payment of $381 One is approx. 13,000 at 18.00% interest rate w/ monthly payment of $400 ( I want a lower rate on this one.) One is approximately 3,500 4.9% interest rate w/ monthly payment $79 Total monthly payment of approx. $800. My monthly take home pay is $4600 with expenses (excluding credit cards) of approximately $2200. My
objective is to lower the rates and consolidate to lower the monthly
payment and apply the monthly savings back towards the debt to pay it
off in 3-5 years. By the way, if you're wondering how I accumulated this debt: Some of it is old school debts, I also helped put my goddaughter through her first few years of college and I helped my Dad and other family members after the death of my Mom in 2000. Things are a lot more stable now financially. I live well below my means. I drive a ten-year old Maxima (that I bought used) and do not own any big screen plasma TV's Thank you. My financial situation: I am gainfully employed in the information technology field as a computer programmer analyst. In addition, I am licensed to sell life insurance, long term care insurance and investments that provide me with supplemental income. Despite the credit card debt, I have a positive net worth given the value of my assets, investments and 401k plan. I'd like to preserve my cash to acquire some real estate investments or businesses. I have good credit and have always paid my bills on time. I have positive cash flow every month. Monthly net income: $4600 Expenses excl. credit cards: 2200 Debt service: 800 Net cash flow: $1600 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 170434 | Refinance High Credit Card Debt | A | $15,000 @ 11% | Jul 16, 2007 | Expired |
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