House Sold! New Goal: Debt Free in 2007
| Listing Information |
| Amount: | $19,500.00 |
Status: | Loan created |
| Grade: | AA |
DTI: | 19% |
| Lender Rate: | 10% |
Borrower: |
ttubrian
|
| Time Left: | Finished |
State: | TX |
| Funded: | 100% |
Group: |
Computer & IT Professionals
|
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2006-12-27 |
EricsCC ROI:
| 7% |
| Status History |
| Dec 24, 2006 |
Current |
We are a very happy, recently married couple who just 8 months ago were almost debt free. We were both making decent money, owned a home, and the only debt we were paying on (besides our mortgage) was my student loan. Then, in April, my wife?s job provided us with an opportunity that we felt we just couldn?t turn down. So we uprooted our lives and in 3 weeks moved from West Texas to the Dallas area. We anticipated that the move would be fairly expensive and that our cost of living would go up, but what we didn?t expect was that the housing market in Lubbock had slowed down so much that it would take what seemed like forever for our house to sell. Fortunately, our house has finally sold and we just closed on December 11th. Unfortunately, with 8 months of making two house payments, two of every utility bill, higher living expenses, a big security deposit plus moving expenses combined with my wife not making as much money as she did before we moved - we now have $17,380 in credit card debt.
Now for the good news! Our house has sold, and we basically broke even! In a buyers market, after only living in the house for 16 months, the fact that we are not writing the bank a big check is very fortunate. My student loan monthly payment is only $54. My wife?s job is picking up. She is in sales and everything she makes is commission. As she gets to know the area better her sales keep improving and we are hopeful that next year she we begin to hit the numbers we thought she could when we decided to move here. Although her income is variable, the trend is up. I am a software engineer that works mostly from home and brings in a steady salary of $4125 a month. We own both of our vehicles and have never had credit card debt before this year. While we may have made the wrong financial decision by moving when we did, we love living here and can?t wait to get rid of all of our debt and start saving for our next home purchase.
I am asking for a loan of $19,500 so that we can payoff our credit card and have around $2000 to cover this year?s Christmas expenses (including travel). I am listing with an interest rate that is higher than average for a ?AA? credit score because we want to be sure that we get this loan funded before the end of the year, and because we plan on paying off this loan faster than the three year term. We really want to start 2007 with zero credit card debt and only this loan and my student loan as steady, lower interest rate, monthly debt payments. The approximately $1200 that we were paying every month for our last house will be like extra income starting in January, and will more than cover (in fact is almost double) the cost of this monthly loan payment with plenty to spare to help us climb out of the little hole we?ve gotten into. Thanks in advance for your help. Once we become debt free we look forward to becoming prosper lenders so we can help others in situations similar to ours.
|
|
Discussion For This Listing
|
|
No Comments Found For This Listing
| Post A Comment
|
| You must be logged in to post comments on listings. Not yet a member? register here |
|
