Paying off a credit card
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,750.00 | Status: | Loan created |
| Grade: | AA | DTI: | 34% |
| Lender Rate: | 10% | Borrower: | mmelson |
| Finished | State: | MA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-27 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Nov 27, 2007 | Current |
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Purpose of loan: I will be using this loan to pay off one of my credit cards. My current minimum monthly payment on the card is $221, however, I almost always end up putting more towards my principle. Over the past six months I've paid, on average, a little less than $650/month towards the card. All of the debt on the card is the result of the daily living expenses I accrued while starting my business on a shoestring back in 2003, and from having to furnish my condo when I moved in a few months ago. Until I moved, I had been living with roommates and never acquired much in the way of furniture, kitchen stuffs, etc., so I got to furnish my condo basically from scratch. My financial situation: I am a co-owner (50%) of a small video game development studio in Massachusetts called Dragonfly Game Design, Inc. (http://www.dragonflygamedesign.com). We currently have 5 full time employees (myself included), as well as 2-3 part time employees at any given time. We started right after I finished my Master's Degree (Computer Science) in 2003, so we will have been around 4 years this December. The monthly payment for this loan is only slightly higher than the minimum payment on my card, which I have never had a problem paying, and about half of what I usually pay towards my card. So, I will have no problems whatsoever paying this loan back. Monthly net income: $3,500 take home Monthly expenses: $3,125 Housing: $ 1,050 Insurance: $165 (auto and house) Car expenses: ~$420 ($320 of this is my truck payment, paid off in May) Utilities: $100 Phone, cable, internet: $100 Food, entertainment: $350 Student Loans: $400 Credit cards and other loans: $300 Other: $250 |
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