Paying off high-rate credit card
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 23% |
| Lender Rate: | 15% | Borrower: | dcjayhawk |
| Finished | State: | DC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-07 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Aug 07, 2008 | Current |
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Purpose of loan: This is a re-listing. I had previous posted on Prosper and was subsequently granted a loan by the Prosper community. However, my job required me to relocate overseas on short notice, and as such, I was not able to accept and fund the loan. I've since returned, and like before, I am looking to consolidate my two high-rate cards that sit at high unfortunately high interest rates. I have considered applying for the various low-rate credit cards that pollute my mailbox each week as a means of a balance transfer, but I would like to avoid opening an additional revolving credit account. I'm hoping to use the Prosper loan as a vehicle to pay off existing high-rate cards, then leverage those same cards for a low-rate transfer (existing offers of 0% to 3% over the life of the transfer) My financial situation: I am a good candidate for this loan because my salary (140K +) allows me to manage all of my existing financial obligations, including savings. Additionally, my wife has a good paying job as well, allowing us financial flexibility. This loan from Prosper is not a loan of necessity. My existing debt obligations are approximately $1,500.00 per month. 50% of my existing debt are lower % fixed-rate loans (one personal, one educational) while the remaining liabilities are revolving credit accounts) Currently we have two cars, but are in the process of selling one, and will be on a single car payment/insurance - a savings of ~$400 per month (not including savings from less fuel consumption) Monthly net income: $ $8,800 (this includes my wife's salary) Monthly expenses: $ 5,300.00 Housing: $ 1,950.00 (rent) Insurance: $ 150.00 (two cars) Car expenses: $ 800.00 (two cars) Utilities: $ 50.00 (electricity only) Phone, cable, internet: $ 150.00 Food, entertainment: $ 500.00 Clothing, household expenses $ 200.00 Credit cards and other loans: $ 1500.00 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 358312 | Paying off high-rate credit card | B | $7,000 @ 14% | Jun 27, 2008 | Cancelled |
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