Expecting first child and need to pay off high interest debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 42% |
| Lender Rate: | 10% | Borrower: | mugsyandmolly |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-18 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jan 17, 2008 | Current |
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Purpose of the loan: My husband and I are expecting our first child, a little girl, this spring. In order to prepare for her arrival, we want to convert our last credit card into a lower interest, fixed payment which has a fixed payoff time so that we can still make gains on our debt, while freeing up some of our budget to start preparing for the new arrival. For the last few months, we have been applying all our extra money to our credit card balances. We have been able to get rid of all but one card (Amex). However, by putting all our money toward debt reduction recently, we have not been able to make preparations around the house for the new baby. This loan will allow us to be at a comfortable situation with our debt so we can use more of our regular income to make the necessary changes to the house before the baby arrives such as new carpet, paint, and nursery furniture. We definitely do not want to use credit cards for any more purchases. My financial situation: We have a fixed rate, low interest 30 year mortgage. We also have a Home Equity Line of credit that we have already used to pay off some debts. We are making solid contributions to our retirement savings, but have used most of our short term savings toward debt reduction. We are currently paying an extra $3000 a month to credit cards to get the balances down. The debts that will remain are car loan ($200/mth), personal loan ($225/mth), Home Eq LOC ($250/mth) and Prosper loan. As you can see from my credit score, my credit is great. I have never been late or missed a payment. My husband?s credit score is 750. The net income below is our combined income. By myself, I contribute $3600 per month from my full time job. The expenses are our shared expenses. Monthly net income: $ 8,800. Monthly expenses: Housing: $ 1,760 Insurance: $ 100 Car expenses: $200 (gas) Utilities: $ 300 Phone, cable, internet: $ 200 Food, entertainment: $ 500 Clothing, household expenses $ 500 Credit cards and other loans: $ 1,500 Other expenses: $ |
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