Consolidating Credit Debt @ Lower Interest Rate
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | A | DTI: | 20% |
| Lender Rate: | 11% | Borrower: | des_strm_vet |
| Finished | State: | MO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-08 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jan 08, 2008 | Current |
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Purpose of loan: I am looking to consolidate a couple of high interest credit cards & get into a lower interest loan so that I can get out of debt faster. The cards are all ready cut up so that I can?t use them any more and they will be cancelled once they are paid off. My financial situation: I am a good candidate for this loan because I always pay my bills on time. I currently pay minimums on all of my debts with the exception of one. I feel that the quickest way to get out of debt is to concentrate my efforts on one bill until it is paid off and then move on to the next bill. This way the next bill ends up receiving my regular payments plus the payment amount from the previous bill. This causes a domino effect. I make more than enough money to cover all of my monthly expenses but simply want to lower my interest rate & stop paying a major corporation all that additional money every month. A Little About Me: I am a devoted husband & father. My family means the world to me. I am in my mid 30?s, a Desert Storm Veteran & currently work for a major Telecom company as an Engineer. When I am not working I spend all of my time taking care of my family. My wife works, goes to college & takes care of our children so she needs all the support around the house that I can give her. I have resolved to get out of debt as quickly as possible so that I will have more for my family & children?s educations (ages 6 & 9). I really want them to have an easier life than what I had & am willing to do what it takes. My goal is to be debt free in the next 5 years which is attainable if I stick to my plan & getting interest rates reduced will help me reach my goal. Monthly Net Income: $3,600 (mine only) Wife $1,300 (not being considered in the loan request) Monthly Expenses: $2,450 (still have $1,150 plus my wife?s income) Home: $870 (principle, interest, tax & insurance) (owe $118,700 on $134,000 value) Insurance: $100 (car & life) (health is 100% covered through work) Car Expenses: $200 (both cars are paid off) Utilities: $300 Phone, Cable, Internet: $120 Food & Entertainment: $400 Household Expenses: $100 Credit Cards & Other Loans: $360 Assets: In my 401K: $41,000 In my IRA: $12,000 In Stocks: $3,000 Life Insurance Policies: $485,000 thru work & $50,000 in a personal policy (all debts will be paid off if I die with plenty left over to support my family) |
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