Paying off High Interest Credit Cards to Get Back on Track
| Listing Information | |||
|---|---|---|---|
| Amount: | $13,000.00 | Status: | Expired |
| Grade: | E | DTI: | 57% |
| Lender Rate: | 35% | Borrower: | Ashara |
| Finished | State: | CA | |
| Funded: | 2% | Group: | MONEY DIES |
|
As some of you may know, I took out a loan at the end of 2006 to cover past debt & prepare for my wedding. Things don't always go to plan. I used the money from the loan as I outlined, paying down my debt and setting some of the money aside. Not even six months later my credit cards were maxed out by my fiancee at the time, a fact kept hidden from me since we put the credit cards in a lock box. There was a confrontation that resulted in my fiancee leaving, a moving van taking almost everything we had while I was at work, and my bank account drained to zero. I don't want anyone reading this to think 'oh boy, here's another sob story'. I'm not looking for pity or a free handout. This is life and I'm dealing with it. I made mistakes; I was naive. Now I'm trying to learn from those mistakes & build a better future for myself. This is where I would like the people at Prosper to step in. I'm hoping after I've outlined my plan some of you will be willing to take a chance on me - I'm not the HR I once was. I have a solid 20-month history with Prosper on my other loan of paying promptly every time. And I'm not trying to short-change any of the Prosper Lenders who bid on my last loan & who did take a serious chance on a first time HR prosper loanee. In fact, I'm hoping some of those lenders see this loan prospect & put in their own bid. I would love to keep giving them the interest they deserve. My current debts are as follows: Bank of America Credit Card: 7,368 (2.99% interest) Chase Credit Card: 6,232 (28.99% interest - looking to pay off) Discover Credit Card: 4,000 (5.9% interest) JC Penny Credit Card: 200 (28% interest - looking to pay off) Orchard Bank: 450 (29% interest - looking to pay off) Prosper Loan A: 4,425 (21.98% - looking to consolidate into this loan; would like only 1 loan payment) Family Loan: 5,000 (included money for college & a medical debt - looking to pay half) I would like to note some amounts that I have paid off since my previous loan. Macy's Credit Card: $250 Family Loan: $5,000 Memorial Medical Hospital 2006: $8,000 Memorial Medical Hospital 2007-2008: $6,000 After taxes, I take home between $1,950-2,140. I get paid twice a month and have lived at my residence for five years & never been late or missed a payment. I have also held the same job as a secretary/bookkeeper for an automotive shop ever since I graduated from Modesto Junior College with a double major in bookkeeping & English five years ago. My current monthly payments are as follows (bills with an ^ is my portion of the bill spit between me & my 2 roommates): Rent^: 350 Gas: 60 Car Insurance: 95 Phone^: 45 Utilities^: 30 DSL/Cable^: 25 Food: 250 Bank of America: 100 Chase: 250 JC Penny: 20 Orchard Bank: 20 Disc: 100 Prosper A: 305 This leaves me $300-490 left over each month for savings & misc incurred expenses. On my own, it would take 11 months to pay Pennys, 20 to pay Orchard. With Prospers help I could cut my Disc from 12 months to 6, & Bank of America from 20 months to 12. This would be $595 a month I wouldn't be making in payments, resulting in $895-1095 monthly I would have extra to pay off bills. It would also save me $975 in interest on those bills. My payments would then look like this: Rent^: 350 Gas: 60 Car Insurance: 95 Phone^: 45 Utilities^: 30 DSL/Cable^: 25 Food: 250 Bank of America: 100 Disc: 100 PROSPER B: 490 Even if this loan gets approved for $13,000 @ 29% APR (the max California rate), my monthly Prosper payments would be around $544.00, an amount easily within my budget range. Thank you in advance for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 78464 | Wedding & Credit Card Payment | HR | $13,000 @ 12% | Dec 27, 2006 | Withdrawn |
| 79025 | Medical Debt Consolidation & Wedding | HR | $8,000 @ 21% | Dec 28, 2006 | Loan created |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|