Paying down high interest credit card debt.
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 36% |
| Lender Rate: | 11% | Borrower: | midwest_entrepreneur |
| Finished | State: | MO | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-17 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jan 17, 2008 | Current |
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Purpose of loan: My wife and I opened our shop in September, 2005. Due to our financial situation at the time, we were only able to secure a $40,000 SBA loan. We contributed another $25,000 by pulling equity out of our house. Our remaining startup costs were placed on 0% interest credit cards. Those 0% offers have expired and we are now servicing several thousand dollars worth of debt with interest rates of up to 23%. Every month, our cash flow takes a significant hit because of this interest. We want to secure a low interest loan with which to pay down these cards and thus increase our cash flow. My financial situation: I am a good candidate for this loan for two reasons. First, since I want to use the proceeds of the loan to pay down existing debt, the loan doesn't represent new debt, but rather an interest rate reducing consolidation. Since we have been successfully making payments on these credit cards, we will be able to make payments on the loan. Second, while for the past year I have been working solely at our store, as of January 2nd, 2008, I have re-entered my professional field of information technology. So, I can offer the double security of cash flow from the store and proceeds from my salary to pay back the loan. |
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