Paying off credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 34% |
| Lender Rate: | 12% | Borrower: | hsvmaria |
| Finished | State: | AL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-23 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jul 23, 2008 | Current |
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Purpose of loan: I would like to pay off two high-interest credit cards where the balances have just gotten too high. The main reason for the balances going high was because a couple of years ago, I had to have some emergency surgery. This was when I was starting a new job, not yet eligible for insurance coverage and the resulting medical bills were very high. Once, or maybe twice a few years ago, I went over a few days beyond the required 30 days for payment and the rates skyrocketed up to a ridiculous percentage of 28%! Even with paying more than the minimum payments, it's going to take years to pay these off. I have a twelve year old daughter that I would love to send to college someday, but at this rate, I'll still be making credit card payments, so paying for her college education will be difficult. My financial situation: I am a good candidate for this loan because even though my debt is high, I have only gone over 30 days a couple of times. I pay my bills and pay them on time. With a lower rate and consolidation, I've calculated that I will be able to afford monthly payments at $700.00 on this loan. Then, there's hope for a payoff in a few years! I am due for a raise in the next month, so my income will go up to $63,240 annually. I've also been granted 750 shares of stock options. I have a good job as an HR Manager in the corporate office of a firm of about 1000 employees. I've been told I do a terrific job for my company and will be eligible for a bonus at the end of the year. I expect to have this job for many years. I'm investing in a 401k, but because of my credit card payments, I can't invest at the percentage I really need to be investing at. With the two high-rate cards lowered, I'll be more able to raise that percentage. |
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