Eliminating pernicious credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 20% |
| Lender Rate: | 12% | Borrower: | WHTecumseh |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-14 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Nov 14, 2007 | Current |
|
Purpose of loan: The purpose is duo fold ? pay off a Bank of America credit card balance that
had the rate raised from 13% to 27.99% through no fault of our own and to
eliminate the last vestiges of a private student loan with a variable rate
above 14%. I would also, after having been a small lender on Prosper, get a
chance to experience the borrowing side rather than take out a personal loan
from our retirement account for the same purpose. My financial situation: I am in good financial shape. My wife and I both work for the Federal government and between the two of us we make over six figures and contribute 10% each to the TSP. We manage to set aside money in savings but have not yet accumulated a six-month cushion to cover expenses so it is accessible but ?off limits?. We are paying down our mortgage and HELoC at a rate of 13 payments per year as well as more than the minimum on any credit card balances. The student loan interest income tax deduction has a negligible impact due to the income phase-out. I am also currently using any extra monies to pay down my wife's credit cards due to a debt situation pre-existing our marriage.Funding would free up $250/month that would be applied to the loan and I expect to pay it off early. Monthly net income: $4637.38 Monthly expenses: (my half) Housing : $894.09 Home Equity LoC: $300 Property Tax: $94.92 Insurance (home, auto): $48 Car expenses (we take the train on our daily commute): $74.50 Utilities (elec, water, garbage): $75.96 Phone, cable, internet: $111.68 Food, entertainment: $192.15 Clothing (mostly child), household expenses: $350 Childcare: $411.67 Credit cards and other loans (includes two consolidated student loans, one each): $1,000 Savings accounts (joint, personal, child): $610 Prosper (to lend): $50 Investment account: $100 529 Plan: $100 Other expenses: $125 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 335206 | Debt elimination and home improvement | A | $19,000 @ 17% | May 19, 2008 | Loan created |
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