Paying of expensive credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 18% |
| Lender Rate: | 15% | Borrower: | Aunursa |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-09 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Oct 05, 2007 | Current |
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Purpose of loan: I am planning on using the money to pay off credit cards. Chase Mastercard $1400/ 29.99% APR Dell Financing $2000/ 24% APR Wells Fargo Visa $2600 (partial payoff)/ 19.99% APR I don't have problems making the payments (I get email and text message notification when statements are ready and pay the payment due amount around 20 days early on average.) However, I do have a problem with so much of my payment going towards finance charges and not principle. My financial situation: I work for a financial services company where I have been employed for the last 2 years. My cash flow is more than sufficient to service my current debt. My only vice is I tend to eat out since I normally don't have time to cook. However, this is flexible, and I believe my food and entertainment expenses can be cut in half if needed. I chose $6000 as my loan amount because payments come to ~$200 a month, and I believe I can service this debt without changing my lifestyle too much. Monthly net income: $ 2700 (Generally more w/ overtime) Monthly expenses: $ 2226 Housing: $ 800 Insurance: $ 150 Car expenses: $ 160 Utilities: included with housing Phone, cable, internet: $ 70 Food, entertainment: $ 500 Clothing, household expenses $ 100 Credit cards and other loans: $ 400 Other expenses: $ 46 (Health club) There is a difference of $474 between income and expenses, and I find this generally gets spent on non-recurring items (contact lens, car maintenance, trips). |
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