Successful business owner consolidating debts
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Withdrawn |
| Grade: | AA | DTI: | 32% |
| Lender Rate: | 8% | Borrower: | allbiz |
| Finished | State: | TX | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: I'd like to take several 12-17% interest credit card accounts and consolidate them into one loan. I'm hoping for early retirement in 15 years and started to get serious about debt reduction a couple of years ago. I've been a big fan of Dave Ramsey and his Total Money Makeover and have managed to reduce my credit card debt significantly the past two years. I'm sure everyone knows this but by lowering the interest rate and moving them to a fixed rate loan I can pay the remaining debt off much quicker. My financial situation: I've been married 26 years and have three children, the youngest is 16. I own a successful small business that just celebrated it's ten year anniversary. Cash flow positive from day one with a large and happy client base. I have been a home owner since 1984 and have owned two homes and have built about 40% equity my current home since 2000. All but one of our cars are paid for(5 total) and we owe $7500 on it. The remainder of our debt is in credit cards. I'm currently paying for one child's college and they will graduate next year. The next one starts in two years. Monthly net income: $ 6800 (but that does not include business profits, most years my income is over 100K per year). Monthly expenses: $ Housing: $ 1760 Insurance: $ 450 Car expenses: $ 575 Utilities: $ 350 Phone, cable, internet: $ 240 Food, entertainment: $ 1000 Clothing, household expenses $ 500 Credit cards and other loans: $ 850 Other expenses: $ 300 Total: $5725 The total payments of the 3 year prosper loan will be within a few dollars of the current minimum payments. We all know that the minimum payment will not pay off a credit card debt. The bottom line: I've been a borrower since 1983 when I got my first Citibank credit card in college. I've never missed a payment on any debt, EVER. My credit is AA and if you're looking to have a safe place to put your money to work I'm a good investment. Thanks for taking the time to look! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 243193 | Consolidating business debts | AA | $25,000 @ 10% | Dec 03, 2007 | Loan created |
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