Paying off three high interest credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 30% |
| Lender Rate: | 13% | Borrower: | uabguy |
| Finished | State: | AL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-01 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Mar 29, 2008 | Current |
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Purpose of loan: This loan will be used to Pay off three high interest credit cards with a current combined ballance of just under 7,000 My financial situation: I am a good candidate for this loan because last year I cut up all of my credit cards after years of excessive spending. I completely changed my outlook on life, committing myself to getting in good financial and physical shape. Since that time I have paid of nearly $4000 in debt and lost 70 pounds. In addition to the budget info listed below, I will have an additional $206 a month extra to pay down debt in six months as an existing loan will be paid off. My debt reduction "snowball" is gaining steam. This loan will result in my being debt free even quicker than would otherwise be the case. Monthly net income: $ 2650 Monthly expenses: $ Housing: $ 375 Insurance: $ 200 Car expenses: $ 600 Utilities: $ 140 Phone, cable, internet: $ 115 Food, entertainment: $ 350 Clothing, household expenses $ 75 Credit cards and other loans: $ 704 (would be 484 after paying off these three credit cards, plus the amount of the loan, which should be around $250 per month depending on the interest rate i get. Bringing that section of my budget to $734, well within my budget) Other expenses: $ 0 |
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