Lowering interest rates to accelerate debt repayment
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,350.00 | Status: | Withdrawn |
| Grade: | B | DTI: | 38% |
| Lender Rate: | 11% | Borrower: | norwegianinmichigan |
| Finished | State: | MI | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: The loan will be used to achieve a lower APR on a credit card and then accelerate the dept repayment process by increasing allocation to principal with existing payment intact. My financial situation: I've eliminated expenses the last few months to rid myself of debt more efficiently. I refuse to make money for the Banks and Credit Card companies any longer. The housing market is a buyers market in Michigan with many foreclosures, but I can not take advantage of this investment opportunity with my current debt load. I just paid off a credit card with an APR of 12.99%, and I am attacking the next card with a cascading repayment structure. As soon as that card is paid off, the next card receives all funds used for the previous card and so forth until all debt is paid down to $0. I have virtually no fuel expenses any longer due to a move 1 mile from my office, where I was previously spending excess of $300/month on fuel at my previous apartment. My rent exceeds my prior fuel expense by just $130 which allows me to allocate more than $400 a month to credit cards, $250 above minimum payments. Feel free to ask if any further questions should arise - current budget below. The monthly income of $2000 is the average monthly income based on last two years paystubs (bonus excluded as I'm not budgeting with this uncertain income). Profit sharing at the end of the year has allowed the total income to surpass $30000 for the last 5 years consecutively - a great opportunity to erase a lot of debt quickly. This years bonus erased a previous card completely. Credit reports still not updated with this recent update. Thanks!! Monthly income $2000.00 Rent $430.00 Phone $75.00 Auto insurance $125.00 Auto loan $435.00 Utilities (electric/sewer) $50.00 Gasoline $50.00 Medical (0% APR) $50.00 Credit union Loan (10.00%) $155.00 ($4332.38 balance) Prosper Loan (12.00%) $86.00 ($2083.75 balance) Credit Card (11.99%) $300.00 ($2349.00 balance) Credit Card (5.99%) $100.00 ($5139.11 balance) Total Expenses: $1856.00 I'm a very responsible christian individual with strong ethics and morals. I believe the bible clearly states that all debt should be paid in full, regardless of life events, and removing ALL debt from my financial portfolio is a step in the right direction towards better stewardship. Thank you for your time! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 158547 | Credit card elimination | A | $2,550 @ 13% | Jun 26, 2007 | Withdrawn |
| 158918 | Credit card elimination | A | $2,550 @ 13% | Jun 26, 2007 | Loan created |
| 259394 | Lowering interest rates to accelerate debt repayment | B | $2,200 @ 11% | Jan 03, 2008 | Expired |
| 292905 | Lowering interest rates to accelerate debt repayment | B | $2,000 @ 13% | Mar 13, 2008 | Expired |
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