Credit Card Debt Refinancing
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|Loan Status:||Paid||Origination Date:||2006-11-21||EricsCC ROI:||13%|
|Dec 05, 2006||Current|
|Feb 03, 2007||Payoff in progress|
|Feb 08, 2007||Paid|
This loan will be used to refinance credit card debt amounting to $4,686 that is accruing interest at 24.99 APR.
The interest rate recently (October) shot from 10.99 APR to 24.99 APR (it was MBNA and is now backed by Bank of America)
The entirety of this loan will be paid by October 2007.
I work as a Product Development Engineer for Zimmer Trabecular Metal Technology, Inc in ParsippanyNJ. I've been employed here for 3 years and am nearing completion of my MBA this coming spring at RutgersUniversity. Monthly after-tax/401k income is $2,650. I do not have rent expenses as I live at home, and will continue to until June 2007.
With this loan, monthly expenses would break out as follows:
$ 300 Food
$ 317 Car Payment
$ 152 Car Insurance
$ 34 (MP) Credit Card # 1
$ 431 (MP) Credit Card # 2
$ 268 Student Loan # 1
$ 144 Student Loan # 2
$ 173 Prosper Loan
Total = $ 1819
Net Income After Payments = 2650 - 1819 = $ 831 (this extra money goes towards Credit Card # 2, 18.99 APR)
I rarely spend more than 100-200 dollars on entertainment. I am working myself out of debt in order to move out of my house and onto my own in June 07 (post MBA graduation).
Please take your time in considering this loan, I will be answering any questions or verification requests in the discussion forums.
I chose to not be in a group as I do not wish to have an additional 0.25-1% tacked onto my rate and I feel I can provide enough information to potential bidders to satisfy any concerns through the forums. 16.00% is the rate cap in New Jersey(max rate i could put was 15.00% due to potential of 1% fee from bank draft according to Prosper).
Credit grade of C is due to a high balance to total credit limit ratio (86% or so according to MyFico.com). However, please note my credit history (0-0-0).