Paying off Credit Cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $11,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 43% |
| Lender Rate: | 14% | Borrower: | Bulldog7 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Advanced Financial Concepts |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-08 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jan 05, 2008 | Current |
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RELIST WITH SMALLER LOAN Loan Purpose: I am getting my finances in order as I am planning on retiring in the next 10-12 years. The biggest hurdle right now is the elimination of my credit card debt. For the last 2 years I have been making double payments, but the interest rates are so high it has only made a small impact on the principle. This loan will allow me to pay off and CLOSE several of my credit cards. With the reduction in the interest rate I should be able to pay back everything in less than 2 years saving me thousands that I will then contribute towards my retirement. Below is my current credit situation: Issuer Balance Rate Min/Current Payment American Express 2,553 18 51/100 Sea Air 3,725 32.49 144/200 (will pay off with prosper loan) Chase 4,666 29.99 168/250 (will pay off with prosper loan) Washington Mutual 1,346 32.35 48/280 (will pay off with prosper loan) Bank of America 6,231 20 110/200 HFC 1,024 26.81 145/145 (will pay off with prosper loan) My Financial Situation: I have a good salary and regularly work overtime. For close to 30 years I have been contributing to my retirement account and am well on my way to a modest retirement. My salary is more than enough to provide for my needs and for several years I have not had to charge purchases to my credit cards. Besides eliminating my credit card debt, I will begin saving each month. This way when life sends the unforeseen my way, I will have a little something to fall back on. Monthly Net Income: $2,800 Monthly Expenses with Prosper Loan Replacing Credit Card Payments: Rent: 631 (I do not owna home) Auto Loan: 600 Meals: 100 (shared budget w/ fiance) Entertainment: 100 Fuel: 100 (live 6 miles from work & drive company car) American Express 51 Bank of America 110 Prosper Loan: 800 (sched payment is $410) Saving Program: 200 (liquid for emergeny) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 248440 | Paying off Credit Cards | B | $20,000 @ 20% | Dec 10, 2007 | Expired |
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