American Express is bleeding me dry!
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,800.00 | Status: | Loan created |
| Grade: | D | DTI: | 20% |
| Lender Rate: | 15% | Borrower: | Woodslass |
| Finished | State: | CO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-24 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Oct 24, 2007 | Current |
|
Purpose of loan: I will be using this money to pay off my American Express credit card, which currently has an interest rate of nearly 30%. The interest rate has tripled because American Express encourages clients to go over the credit limit and then not only raises the rate, but hits the user with a huge over limit fee every month. I feel I just can't catch up with it and they refuse to lower my interest rate, but they offer me a credit increase just about every other month. In addition, I have to pay an "Account Protection Fee" of nearly $38 a month that I never asked for but they refuse to remove now. As of today, I owe $4323.13 because I doubled my payment this month, and my limit is $4300.00. So at the end of the billing cycle I'll be back up to at least $4700.00 with the interest and over limit fee and Account Protection fee. Its a never ending cycle! I originally kept this card as an emergency card, but after several expensive car repairs and and several flights to see my mother before she died of lung cancer in October 2004, the card has been maxed out and I can't seem to get a grip on it. My financial situation: I always pay my bills on time. I have a budget spreadsheet that I use every month, without fail, so that I pay credit cards and my other responsibilities on time and I always try to pay some over the minimum so I can get ahead. I have worked for the same company for nearly 5 years and I have been in the same industry for 9 years, which is apartment management. I own my home, which I purchased in 2005 with my husband, at an interest rate of 6%, but I haven't built any equity up in it yet. My credit cards are all maxed but my American Express is the largest limit and the highest interest rate. If I can get a lower interest rate and get rid of the fees, I can apply that to the principal (to my lender here at Prosper.com) and get it paid off, and spend the $275 current payment on the other cards. I'd like to add that it looks like I have $50k in credit card debt, but it's not true - I have $10k in credit card debt. The other 40k is a revolving line of credit that I used as the down payment on my home, and my husband's income pays for that every month. Monthly net income: $ 2900.00 (and another $2500.00 per month from my husband) Monthly expenses: $ Housing: $1600 (my husband pays the mortgage) Insurance: $240 Car expenses: $150 Utilities: $250 (electric, gas, water every other month) Internet: $250 (cable, internet, home phone, two cell phones) Food, entertainment: $300 Clothing, household expenses $ 200 Credit cards and other loans: $550 Other expenses: $100 |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|