Doctor in training wants to pay off credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 47% |
| Lender Rate: | 16% | Borrower: | ricebowel |
| Finished | State: | IN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-28 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jan 25, 2008 | Current |
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I have three credit card debts totaling $10,000 on which I pay 30% interest. My monthly payment for these three cards totals $550. I want to obtain a personal loan to pay these off. Should this loan fund, I am planning to use the money I get from my part time jobs to pay off the personal loan; I may be able to pay it off in less than 2 years! I am a doctor-in-training for radiology. My husband and I have a high debt to income ratio because we accumulated a high amount of revolving credit during my four years of medical school, one year of research training in Washington DC, and during my residency (I?m now in my fourth year), because student loans would not cover the cost of full time daycare for my two children, ages 7 and 4. I calculated that we've paid about $116,000 in daycare expenses to date! (It costs about $10,000/child under age 5 and $8000/child over age 5 -- for after school daycare and full time summer daycare). My husband is a full time student -- he finished a bachelor's degree and is now in a PhD program for statistics -- and a full-time Mr Mom. My hours during medical school and now in residency are very demanding on our family -- it's tough when I have to work 70-80 hour weeks and many holidays. We also accumulated about $10,000 of our current credit card debt when we bought our house and made improvements, like a new half bath. My husband's PhD program pays him $1000/mo and I earn $3700/mo plus an extra $1500/mo from my part-time jobs. If you choose to fund my personal loan, be assured that I will pay it back. We live modestly, our priority is to spend time with our kids, work hard at our jobs, and repay our debt. My salary is capped at $40-50,000 for the next two years. Then I will be making at least $250,000/year as a full time radiologist. As a senior resident, I am currently working two part-time jobs -- reading x-rays, which makes an additional $1500/mo. During my last years of training, I anticipate being able to work even higher paying part-time jobs, like reading xrays for an emergency room of a hospital. !We really appreciate your consideration! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 260954 | Help paying off credit cards | B | $10,000 @ 15% | Jan 06, 2008 | Expired |
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