Paying off credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 15% |
| Lender Rate: | 14% | Borrower: | citrineaux |
| Finished | State: | MA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-28 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Jul 25, 2008 | Current |
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Purpose of loan: This loan will be used to pay of 6 credit cards. I received several offers for interest free credit cards for 6 months or a year, and now the promotional periods have expired and I want a lower interest rate. I used this promotion to finance renovations I'm making to my 2-family investment property. It is time consuming paying and monitoring all the different credit cards with different pay dates and different minimums. I have not missed any payments, nor are the minimums too much a month, but having one monthly payment will save time and prevent any mistakes. Why pay a higher interest rate to the credit card companies right? My financial situation: I bought a 2-family residence in October and I have been renovating it since. It is rented as of September 1, 2008, and now I want to pay off the debt I built to do the renovations. I used the special interest rate to finance the renovations for free for as long as I could now I just need a simple way to pay off the debt. I have been an office manager for 6 years, and have been at my current job for almost a year, and was at my last job for over three years. I pay my bills on time and in 6 weeks will have rental income coming in. The delinquent account on my report is not my account. I have been fighting to get it off my report for years, and now the debt is SOL. It will fall off my report in August as it is 7 years old. Monthly net income: $ 6200.00 Monthly expenses: $ Housing: $ 2400 Insurance: $ 106 Car expenses: $ 300 Utilities: $ 250 Phone, cable, internet: $ 75 Food, entertainment: $ 400 Clothing, household expenses $ 300 Credit cards and other loans: $ 450 Other expenses: $ 100 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 309399 | Renovating 1 Unit of a 2-Family | B | $14,000 @ 15% | Apr 17, 2008 | Expired |
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