Paying off high interest line of credit
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 51% |
| Lender Rate: | 19% | Borrower: | rpb29m |
| Finished | State: | GA | |
| Funded: | 100% | Group: | College Graduates Under 30 |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-26 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Aug 26, 2008 | Current |
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Hello and thank you for viewing my listing. My last listing did not get fully funded, so I joined a much better group to show that I am a worthwhile investment. I moved from a 1 star to a 5 star group. I have also reduced the amount of the loan by half. I also wanted to re-list this loan because I found out recently that I did in fact get a full-time position inside my company. So, now I am going to be making $40K/year. You have no idea how good it feels to finally have a full-time job again. That being said, I will now have a lot more disposable income to help with my debt management. Since I get paid twice a month, it is going to take some time to actually get this extra income out of my new salary. I would really like to get rid of the biggest chunk of my debt immediately. I set the interest rate high for this posting to attract attention. I'd really like to get rid of this line of credit with the absurdly high interest rate as quickly as possible. A bonus is that I would much rather give all of you the interest rather than the bank that is taking advantage of my tough situation. I would use the Prosper Loan to pay down the following Line of Credit: $5,000 Bank of America Line of Credit ------- $2,500- Covers half the amount of Debt in the line of credit My current monthly net income is about $3,300. Here's my monthly budget with the prosper loan in place: $586 - Mortgage $55 - Electricity $45 - Telephone $53 - Insurance $100 - Gas $400 - Other debt NOT paid off with loan $525 - Groceries $100 - Recreation $100 - Internet & Cable -------------- $1,964 - total monthly expenditures As you can see, I have plenty left over to be used, not only for my Prosper Payments, but for savings and emergencies so that I?m prepared for any future monetary emergencies. I can begin to reduce my debt and get back on track to increasing my credit rating and lowering my debt to credit ratio. I promise that my payments to Prosper will be my top priority each month. I have made 11 payments in a row without missing a single payment on my current Prosper loan. I plan on continuing to make all of my Prosper debt my top priority. On top of being current with my Prosper loan, I have never missed any payments on any debt, rent or insurance that I have had. I am very reliable and take my responsibilities very seriously. You can definitely count on me paying back every penny that I borrow. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 188422 | Getting rid of high interest credit cards | B | $8,000 @ 13% | Aug 16, 2007 | Loan created |
| 361173 | Paying off high interest line of credit | C | $8,000 @ 18% | Jul 03, 2008 | Withdrawn |
| 370324 | Paying off high interest line of credit | C | $6,000 @ 19% | Jul 21, 2008 | Withdrawn |
| 374664 | Paying off high interest line of credit | C | $5,000 @ 29% | Jul 29, 2008 | Withdrawn |
| 375728 | Paying off high interest line of credit | C | $5,000 @ 29% | Jul 31, 2008 | Withdrawn |
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