Pay off a high interest credit card
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 49% |
| Lender Rate: | 16% | Borrower: | j1974val |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-04-03 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Apr 03, 2008 | Current |
| Aug 30, 2008 | Payoff in progress |
| Sep 05, 2008 | Paid |
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Purpose of loan: This loan will be used to payoff a credit card that has an exceptionally high interest rate. You will notice on my credit that I have an extremely high amount of revolving debt that is being serviced monthly. My wife and I worked at a christian school for our church for 2 years and made next to no money. While basically volunteering for the church, we racked up an extremely high amount of credit card debt because we basically lived on credit cards. At the end of two years, we went back into the traditional work force. After our third child was born, my wife started staying home with the children. My intentions are to start paying off these cards one at a time instead of just servicing the minimum payments each month. My financial situation: I am a good candidate for this loan because, as you can tell from my credit rating, I always make my payments on time. My wife stays home with our four children and we have been making the minimum payments on this credit card debt for too long. It is finally time to start actually paying the debt off. I currently contribute 7% of my salary to my 401K. I guess I could stop that investment, but I don't feel that is a good choice. We have also started buying rental property and have accumulated 11 units that are all rented at this time. The rental income is not included in my income calculations since they break even. We do make a little money on them monthly, but our focus is using the rentals as an investment for 20-30 years down the road. We aren't looking at the rentals as a source of monthly income. This is the first time I have done anything like this. If you have any questions, please feel free to ask and I will answer promptly. Thanks |
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