Credit card elimination
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 29% |
| Lender Rate: | 14% | Borrower: | steprl |
| Finished | State: | OH | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-22 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Jul 22, 2008 | Current |
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Purpose of loan: This loan will be used to consolidate my credit card debt. I want to eliminate the high interest rate credit cards so I am able propose to my Girl Friend and we can make a home purchase. I do not want to take this type of credit debt into our marriage. My Company has a 401 K plan which we can borrow against. I have a current loan out against it which I took to pay for my son's Education. I have a $9000.00 dollar balance left on it. I have part of the money to pay this off and all I need is $5000.00 so I can pay it off. Once I have done so, I plan to take another loan. This loan will be for 26,000. I will use this money to pay off practically all my credit card balances. The interest on the loan is at 8% and that interest is being paid back to myself. By doing this, I can then build my bank account balance and increase my savings significantly by eliminating much of the interest I am currently paying each month. My financial situation: I am a good candidate for this loan because I have been employed as a professional in the IT field with the same company for over 20 years. I am motivated towards creating a better financial future for myself. Monthly net income: $ 3200.00 Monthly expenses: $ Housing: $ 300.00 Insurance: $ 30.00 Car expenses: $ 100.00 Utilities: $ 100.00 Phone, cable, internet: $ 50.00 Food, entertainment: $ 100.00 Clothing, household expenses $ 100.00 Credit cards and other loans: $ 1500.00 Other expenses: $ 100.00 |
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