Help Me Slash the Interest Rates on My Credit Card!
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,300.00 | Status: | Loan created |
| Grade: | B | DTI: | 27% |
| Lender Rate: | 18% | Borrower: | TheaterGeek |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-16 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Sep 14, 2008 | Current |
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Purpose of loan: I want to use this loan to cut the interest rate on my CitiBank UPromise credit card. It has a balance of 5,241.87 and currently has an interest rate of 29.24%. I am currently making the minimum payments of about $185 a month as this card is a few steps down in my debt snowball. Even with a similarly high interest rate, I'd prefer the Prosper loan as I'd rather pay my interest money to Angel Investors rather than the credit card companies. I have become committed to becoming and staying debt free and in the past seven months (since I began keeping detailed records) I have paid off $6,667 in principle on my credit card debts. The reduction in interest rate would allow me to save on the interest I will be paying on this debt while I am attacking other high-interest rate debts. You can track my debt payment progress at: NetWorthIQ My financial situation: I have a steady job which earns me a base salary of $53,000.00 plus bonuses and occasional overtime. I anticipate earning a gross income of approximately $61,000 in 2008. I have a degree in a field that is in high demand, and when I graduated from school in November 2006, I had several offers to choose from. I'm working hard to improve my credit rating and get out of debt. I currently have another Prosper loan which I used to slash the interest rates on a different (now cut-up!) credit card. This first loan helped me to gain traction and begin my odyssey of paying off debts, I hope this second loan will help me to continue to gain traction and pay off the debt even faster. I will set up automatic direct payments from my bank account for this loan, giving you an extra measure of protection against default. As my monthly budget, broken out below demonstrates, I am financially able to make the payments on this loan. Monthly budget: Total monthly net income: $2986 Total monthly expenses: $2877 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Rent: $950 (studio apartment) Utilities: $20 (all except electric are included in rent) Phone, cable, internet: $107 Food: $200 Household expenses: $50 Misc.: $50 Loan Servicing: $900 (includes the minimum payments on Credit Cards, School Loans, and Propser Loan) Debt Snowball: $600 (amount I'm paying in extra payments on high-interest debt) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 121849 | Help Me Slash the Interest Rates on My AmEx Card! | B | $4,000 @ 10% | Apr 10, 2007 | Loan created |
| 311816 | Help Me Slash the Interest Rates on My Credit Card! | C | $5,500 @ 18% | May 13, 2008 | Withdrawn |
| 331667 | Help Me Slash the Interest Rates on My Credit Card! | C | $5,500 @ 22% | May 13, 2008 | Expired |
| 337084 | Help Me Slash the Interest Rates on My Credit Card! | C | $5,350 @ 22% | Jul 21, 2008 | Expired |
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