Consolidating my wife's credit card
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|Loan Status:||Paid||Origination Date:||2010-02-19||EricsCC ROI:||10%|
|Feb 19, 2010||Current|
|Oct 14, 2010||Payoff in progress|
|Oct 21, 2010||Paid|
Purpose of Loan:
This loan will be used to consolidate several of my wife’s credit cards at a better interest rate.
She has been working in the construction/architecture industry and was laid off. This, in itself, would be manageable, but in an effort to survive and unbeknownst to me, she’s been relying on credit cards to keep up appearances. We have made some changes in our family, and hopefully, will come out of this stronger.
This loan will combine 2 of her 3 credit lines into one payment at a lower interest rate. We plan to sell her car, pay off that car loan and throw everything else we can at the 3rd to get that paid as quickly as possible. All credit lines have been closed and no further cards will be opened in her name.
My financial situation:
I am a homeowner with an exemplary credit rating. By the time this loan closes I should have little to no revolving debt or car payments of my own, leaving only our 1st and 2nd mortgage as major debts to service. A rough budget is as follows:
Monthly Income: $15,000.00
(My income only. Wife plans to obtain at least a part-time job to increase this.
Mortgage (1st and 2nd) 3000.00
School Tuition-kids 1700.00
Car Insurance 120.00
Life/Disability Ins 650.00
College Saving 500.00
Vacation Timeshare fee 100.00
Self employment Tax 2600.00
Orthodontist 180 .00 (x 6 more months)
Childrens Allowances 100.00
The remainder will service this loan (at ~$500.00 per month) as well as the 3rd high interest credit card which presently has a monthly minimum payment of ~$800 per month. Again, it is my hope to have this high interest card renegotiated and paid off in the very near future.
Thank you in advance for your investment!
|Borrower's Other Listings|
|442736||Consolidating my wife's credit card||AA||$25,000 @ 10%||Jan 19, 2010||Expired|
|444303||Consolidating my wife's credit card||AA||$22,500 @ 10%||Jan 27, 2010||Withdrawn|
|445036||Consolidating my wife's credit card||AA||$22,500 @ 11%||Feb 01, 2010||Withdrawn|