Paying off high-APR credit card
Click Here to view this listing on Prosper
|Loan Status:||Current||Origination Date:||2010-12-21||EricsCC ROI:||7%|
|Dec 19, 2010||Current|
I financed the start up business of my spouse through credit cards 3 years ago, as no bank would finance it, too risky (floristry...). I am now trying to repay some of the credit cards balances I have as they bear a huge APR (29.99% due to my credit history being limited and having maxed out on my credit cards limits).
This loan would repay fully one credit card and part of another one, saving me $250 monthly in interest and allowing me to reduce drastically the repay time of my high-APR debt. I am risk-free as my credit card companies can confirm (I am a cash cow for them), holding a great position in a stable company (integrated oil&gas, in top 5 worldwide market caps).
You might wonder why I don't repay my balances with my salary, I could do it with my bonus, but this would take away the cushion I prefer to have on the side, in case the business of my spouse has a bad month. Call me crazy, but I do indeed prefer to pay higher interest to a bank for this security feeling. Now, if I can reduce the high APR without touching this cushion, I am all for it.
Thanks for your consideration and happy bidding !