CC Consolidation/Never Missed a Payment
| Listing Information | |||
|---|---|---|---|
| Amount: | $19,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 37% |
| Lender Rate: | 15% | Borrower: | Airlineguy |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-12 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Sep 13, 2007 | Current |
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Purpose of loan: This loan will be used to pay off and consolidate our credit cards. We built up this level of debt over the last 3 years while my wife was in school completing her California Estheticians and Massage Therapist education and licensing. She went to school full time and did not work. She now works in the beauty field and has a growing client base, and a growing income. I work for a major domestic airline, have 11 years on the job, and have some measure of job security and upward mobility within the company and industry. Our family is Prospering, but slowly. We anticipate being able to pay off our Prosper loan in about 24months instead of 36. That will save us a $$$ in interest charges, and allow us to take our next step, starting a salon business for my wife. We have our budget and family spending well under control, and have a small safety margin. We also have some emergency money ($2500 in a money market fund earning 5%) stashed away in savings. Monthly net income: My monthly net is $2500. My wife nets an additional $1600 per month now, and her income is growing. She also collects $325 per month in child support from her ex, but we are not including that amount in the family income. We calculate that our net family income is $4100 per month. Our DTI shows as 19% in the credit profile and 35% in the listing, it should be around 20%. Monthly expenses: $2985 Housing: $1400 Auto Insurance: $110 Car expenses including fuel: $300 All household Utilities: $375 Food, Misc, everything else: $800 Debt service: Payment before Propser Loan: 401(k) Loan $190 (payroll deducted) Visa #1 $200 Visa #2 $200 Visa #3 $ $200 Discover $120 Prosper Loan $0 Totals: $910 The balances on the credit cards and 401k loan total $20,000. Weighted average interst rate is just over 18%. Payments after Prosper Loan: $705 per month @ 18%. All credit cards and loans will have a 0 balance after the Prosper Loan. The Prosper Loan SAVES us $205 per month.THIS LOAN MAKES SENSE! I also have a consolidated student loan totaling $18000 with a $169 per month payment.That loan and payment will not be affected by our Prosper loan, because that loan carries A 7% rate. |
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