Paying off credit cards from predatory companies
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,706.00 | Status: | Loan created |
| Grade: | D | DTI: | 19% |
| Lender Rate: | 16% | Borrower: | buddy428 |
| Finished | State: | NJ | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-23 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Sep 20, 2008 | Current |
|
Purpose of loan: This loan will be used to pay off an American Express, HSBC credit cards and a Wells Fargo personal loan all with high interest rates. My financial situation: I am a good candidate for this loan because I have a good job as a Software Engineer for a Defense industry company and can easily make the estimated payments (even more if needed). I built up this debt while putting myself through school and then while transitioning from my first full time after completing my master's degree in Comp Sci. I knew then that the companies I was dealing with were going to just keep me in debt for as long as possible and took notice that they were manipulating my interest rate so that I would never pay off my debt. I can pay off this debt by paying more that the minimum monthly payment but it would cost me so much more money because they will continue to up my interest rate to make as much money as possible. If I don't get a loan from this site I will continue with my original plan and pay off this debt card by card but it would ease the strain on my monthly budget if I could get this loan and it would help me weather an expected rise in the cost of home heating oil. I admit that while I was in school, a few times I had to make the choice to skip payments to be able to buy books or pay tuition, since I got my first full time job 2 years ago (I'm on my second full time job now), I've been paying my debt on time ( I recently finished paying off one of my student loans that came from a commercial source). I have had a very bad experience with American Express and HSBC and very much want to cut my ties with them as soon as possible so I am very motivated to be a reliable borrower. I also don't wish to deal with another bank as they all have very unfavorable (unfair?) terms thanks due to the housing and credit crisis going on right now. I do not own a home, I live with my family and pay part of the mortgage and utilities. This site presents a unique opportunity but I have to admit that I have to be careful to get a minimum monthly payment that that would not put me in an untenable position when I have to pay higher utilities during the winter. I am therefor not willing to pay more than a 17% interest rate. Monthly net income: $3,436 Monthly expenses: $ Housing: $1000 Insurance: $160 Car expenses: $417 Utilities: $404.16 Phone, cable, internet: $120 Food, entertainment: $200 Clothing, household expenses $~200 Credit cards and other loans: $7706 in cc and personal loans, $55K from Department of Ed student loans Other expenses: $0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 395562 | Paying off credit cards from predatory companies | D | $7,706 @ 31% | Sep 09, 2008 | Withdrawn |
| 395633 | Paying off credit cards from predatory companies | D | $7,706 @ 19% | Sep 09, 2008 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|