Credit card consolidation
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|Loan Status:||Paid||Origination Date:||2010-12-24||EricsCC ROI:||20%|
|Dec 31, 2010||Current|
|Nov 20, 2012||Paid|
I had to take a lot of unsecured debt to finish my undergraduate and graduate degrees and to keep up with my child support obligations. Those obligations have ended now, so I can use that money to pay this revolving debt down faster, and I'd like to do so at a lower rate. I've listed my top three burdens below, the current payments that I'm making, and the expected payment I'll be able to make once combined.
Amount owed Rate Monthly Payment
Unsecured A: $5200 30% $180
Unsecured B: $3100 30% $105
Unsecured C: $13800 22.5% $280
TOTALS $22,100 $565
Prosper Loan $14325 $580 or lower
Remaining Debt $7800 $160 (est.)
Total monthly payment is $740. Total available to service this combined obligation is $565 (the amount I pay now) plus the $540 monthly I no longer pay in child support, for a total of $1105. While I realize this covers only a portion of my revolving debt obligation, it is the worst part, and repackaging it into this Prosper loan will allow me to shrink the entire load more rapidly than I am now.
In summary, this loan will allow me to more rapidly pay down debt generated primarily during college. Lenders funding this loan will make money; I will lose less money with this loan than I will without it.
Thank you for your attention.
|Borrower's Other Listings|
|339117||Debt elimination||AA||$22,500 @ 17%||May 26, 2008||Expired|
|655956||Debt consolidation||A||$16,000 @ 10%||Oct 29, 2012||Loan created|