EP: Slow and Steady Progress
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,880.00 | Status: | Loan created |
| Grade: | D | DTI: | 24% |
| Lender Rate: | 16% | Borrower: | oberlinchris |
| Finished | State: | OH | |
| Funded: | 100% | Group: | Everyday People |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-15 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Aug 14, 2007 | Current |
|
About me: I am a 27 year old, healthy (five foot ten, non-smoker), active and creative guy living in Ohio. I spend most of my time designing websites, working on my house/yard, or looking for any excuse I can find to get outside or try new things. Purpose of loan: I am looking to consolidate debt to improve my credit score and debt-to-income ratio while learning to live a debt-free/cash and carry only lifestyle. My financial situation: I taught myself to design websites while in college, about the time that everyone was trying to do so. After the dot-com bubble burst, I kept at it and began pursuing it full time. I spent a few years making great money at a company that was a government contractor, until I decided to change jobs two years ago to one that was less stressful and closer to home. Unfortunately, this resulted in a significant salary cut. I struggled to adjust to making less money (traveling less, picking up freelance work, etc), but the transition left me with a manageable, but larger than comfortable debt load. I would like to cut up the cards and start living a 'cash only' life. I have lived in the same house with the same phone number since August of 1998, so I am about as stable as they come. I financed my car in January of 2005 (a sensible, efficient and notoriously uncool pre-owned Ford Taurus). Since then, I have not been late on a single car payment (32 down, 16 to go), and have watched my credit score slowly recover from the damage of my reckless college years (in the last month alone, having an errant delinquency removed bumped me from an E grade to a D on here). Being able to pay off my credit cards and make one single monthly payment each month will make it easier to focus on other things and pay down the debt more quickly. Once these cards are paid off with this loan, the accounts will be closed, putting me that much closer to my goal of a life free of debt. Monthly net income: $ 2150 Monthly expenses: $ 1420 Housing (maintaining a family owned home): $ 0 Insurance: $ 150 Car payment: $ 350 Utilities: $ 300 Phone, internet: $ 120 Credit cards and other loans (student loans, credit card payments-itemized below): $ 500 Remaining balance: $730 Groceries (estimated): $150/month Gas (3 tanks, estimated): $120/month This leaves approximately $460/month for clothing, entertainment, healthcare, and unexpected expenses Credit cards: Payday Loan: 500 (Interest and fees of $115/month) Merrick Bank: 1600 (25.2%) Paypal: 280 (23.75%) Home Depot: 500 (23.9%) JC Penny: 500 (23.9%) Capital One: 500 (23.15%) Household Bank: 500 (18.9%, $39 annual fee, $6/monthly membership fee) Orchard Bank: 500 (18.9%, $39 annual fee $6/monthly membership fee' Total if I only make minimum payments: $228/month. The monthly payment on this loan would be less than the 'minimum payment only' amount on my credit cards, so the net savings (in both money and stress) should be vast. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 158786 | Debt Consolidation and Future Building | E | $5,100 @ 19% | Jun 26, 2007 | Withdrawn |
| 159003 | Debt Consolidation and Future Building | E | $7,200 @ 22% | Jun 27, 2007 | Withdrawn |
| 159028 | Debt Consolidation for a Part-Time return to school | E | $7,200 @ 22% | Jun 27, 2007 | Withdrawn |
| 159302 | My continued growth | E | $6,000 @ 21% | Jun 28, 2007 | Withdrawn |
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