Pay Off Credit Card Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 28% |
| Lender Rate: | 17% | Borrower: | DMFamily |
| Finished | State: | IA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-21 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
|
Purpose of loan: Pay off outstanding personal debt My financial situation: I have a great job as a Financial Consultant and my wife has a great job as a Registered Nurse. In the last 3 years we have not added any additional personal debt and have worked hard to get debt we accumulated in 2003-2004 paid off. We had some delinquencies in the past as we worked hard to turn things around in 2004-2005. Prior to 2003 my wife and I had $20,000 in cash in the bank and credit scores in the upper 700's. The debt stemmed from a small company that I started in 2003 and we began living the American Dream. In 2 years the partnership was dissolved as many smaller start up companies do early on. I was left with a lot of personal debt that was used to build the company as my business partner did not want to build business debt. I had a young family and needed some stability of income to provide for them so I took a job with my current employer. Because of that decision I had to assume all of the personal debt that someday would of been paid off from company profits. I currently pay $1263 per month towards the debt and more when we have additional funds. With a Prosper Loan our debt obligations will be eliminated and the only thing we will have is this loan. This will allow us to continue our goal of growing our family. We have 2 wonderful boys under the age of 4. The loan will also provide for us to be out of debt in less than 3 years as that is our goal. We pay our bills on time and getting out of debt is our #1 priority. I learned a valuable lesson and have grown from the experience. Monthly net income: $ 6400 Monthly expenses: $ 5200 Housing: $1250 Insurance: $300 Car expenses: $700 - $375 will end in March 2008 when the loan is paid in full Utilities: $200 Phone, cable, internet: $150 Food, entertainment: $500 Clothing, household expenses $600 Credit cards and other loans: $1500 - $900 with the Prosper Loan, so will have another $300 in positive cashflow. Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 222495 | Pay Off Credit Card Debt | A | $25,000 @ 16% | Oct 28, 2007 | Withdrawn |
| 223787 | Pay Off Credit Card Debt | A | $25,000 @ 18% | Oct 31, 2007 | Expired |
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