Paying off principal on high interest credit cards

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Listing Information
Amount: $4,250.00 Status: Loan created
Grade: E DTI: 44%
Lender Rate: 25% Borrower: rivguy14
Time Left: Finished State: CA
Funded: 100% Group: PLEDGE - Open Membership!!!
Loan Information
Loan Status: Paid Origination Date: 2006-12-15 EricsCC ROI: 24%
Status History
Dec 16, 2006 Current
Feb 24, 2008 Payoff in progress
Mar 01, 2008 Paid
I'm a 37 year old single man with no children.  I have been working at a multi-specialty doctor's office going on 20 years.  I have been the billing supervisor for 10 of those years.

I am looking forward to paying off some of my high interest credit cards.  Due to a delinquency this year on a student loan that I co-signed with my best friend, some of the credit card companies have increased the rates on my accounts to above 30%.

My DTI (debt to income) ratio is high due to the fact that I used to have a higher income at my company 3 years ago by adding bonuses to my income.  After 2003, the company stopped paying bonuses to supervisors, thus I have my base pay to work with.

My annual income is 441,000
Rent $655
Car Pmt $555
Car Ins $150
Gas $90
Utilities $120
Food $200
Cable $85
Credit Cards $575
Misc Exp $100

I will use $3700 to pay off the high interest credit cards and $550 to pay off a direct deposit advance + fees.

I would rather pay off a loan than to be stuck in a cycle of only paying finance charges to credit card companies each month.  After this loan is paid off, I will be able to pay down and pay off my other credit cards, so I can begin the positive cycle of having extra money each month and not just living paycheck to paycheck.  Then I will be able to help other people when they are in a financial bind.

The delinquency with the student loan is due to my friend and his wife both losing their jobs during the year.  Now they are both employed and working again on paying the student loan, but the delinquency remains.

My last listing was 38% funded, but it was in a smaller group with less traffic.
I am glad to join PLEDGE because I am honest and have the integrity to pay my bills.

Thank you in advance for your consideration.
Borrower's Other Listings
59185 Paying down credit card debt containing high interest rates E $3,850 @ 17% Nov 09, 2006 Withdrawn
61419 Paying off principal on high interest rate credit cards E $3,850 @ 22% Nov 14, 2006 Withdrawn
64044 Paying off principal on high interest rate credit cards E $3,850 @ 28% Nov 20, 2006 Expired
264109 Paying off principal on high interest credit cards D $5,000 @ 19% Jan 12, 2008 Expired
273380 Paying off principal on high interest credit cards D $7,225 @ 20% Jan 29, 2008 Loan created

 

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