Helped my Son start a business
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,750.00 | Status: | Loan created |
| Grade: | A | DTI: | 37% |
| Lender Rate: | 11% | Borrower: | TruckingGranddad |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-10 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Jun 10, 2008 | Current |
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Purpose of loan: I helped my son start a trucking business. The first couple of years the business was capital intensive and he had a major break down about 6 months in the business. I used 2 of my credit cards to pay for a rebuilt engine and the towing fees to the repair shop (approximately $17,000 total expense). Over the past 2 years, the interest rates on those cards have increased and I would like to consolidate the cards to one payment. Despite the rising fuel cost, the business is making some money and my son is paying me back. Therefore, I would like to take this opportunity to consolidate the cards and pay off the balance in full. My financial situation: I am a retiree living off of my retirement savings and social security. I worked for a large company for 32 years and I have an excellent retirement strategy. However, I do not want to pull money out of my investments to pay off this bill at this time. My income listed does not include my wife's income. She retired from the same company My expenses are very low: Housing $1500 month No car payment - paid cash for card from my retirement account. Food - $300 month Gas - $150 month Utilities - $475 month Auto Insurance - $145 month Direct TV - $100 month Pest Control - $25 month Lawn Service - $25 month Dinning out - $150 month Fun with Grandkids - $200 month Credit Cards - $500 Discretionary Expenses (fun money - shopping, etc...) $500 |
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