Tired of exorbitant interest rates
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 14% |
| Lender Rate: | 14% | Borrower: | canton_noodle |
| Finished | State: | NY | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-16 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jun 14, 2008 | Current |
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Purpose of loan: I currently have just under $6,000 in revolving credit that I'm bent on eliminating. First and foremost, I don't need these cards. All my expenses are covered and any discretionary spending comes from cash net of expenses. I'm very proud of accomplishing that first part of paying off my credit card debt: eliminating the need for them. Unfortunately I have two cards that are particularly nasty. Both carry a roughly $1500 balance with a 29.99% APR. The minimum payments on both are approximately $39.00 a month. That means on a 30 day billing cycle $37.00 of the minimum payment would go to interest alone, only reducing my principle by $2.00. Disgusting! Fortunately I'm paying more than the minimum payment on these cards, but still the amount going to interest sickens me. I hope to secure a lower interest rate loan to eliminate the balances on these two cards. I don't need this money to accomplish paying off the cards, but the lower interest rate would certainly accelerate the process. Addtionally I plan on utilizing the electronic payment feature for this as opposed to sending in monthly checks. Saves time, money, and trees. :) My financial situation: I am a mechanical engineer with an M.S. working a Fortune 500 company with very good job stability. I accumulated the credit card debt I currently have as a graduate student. It was difficult to get-by living on just a graduate assistantship in addition to paying out-of-state tuition. Additionally travelling out of the country twice came at a great financial cost. One of the best things I did after starting working was to develop a budget and to track all my expenses. I chart out all my spending, and even plan my meals to make sure I fully utilize the food I buy at the grocery store to stretch my earnings further. Monthly net income: $ After taxes, 3900.00/mo. Monthly expenses: Housing: $ 600.00 Insurance: $ 56 (car) Car expenses: $ 426 car payment, ~$150/mo. in gas Utilities: $ 175 (elec, gas, sewer) Phone, cable, internet: $ 175 Food, entertainment: $ 200 Clothing, household expenses $ 150 Credit cards and other loans: $ 305 Other expenses: $300 I send optionally overseas to my parents per month and try to save about $300/mo. for an emergency fund. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 344376 | Tired of exorbitant interest rates | D | $5,000 @ 10% | Jun 04, 2008 | Withdrawn |
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