Speeding up debt repayment
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 38% |
| Lender Rate: | 16% | Borrower: | joereform |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-02-08 | EricsCC ROI: | -56% |
| Status History | |
|---|---|
| Feb 08, 2007 | Current |
| Jan 25, 2008 | Late |
| Feb 09, 2008 | 1 month late |
| Feb 22, 2008 | Current |
| Mar 23, 2008 | Late |
| Apr 09, 2008 | 1 month late |
| May 06, 2008 | Late |
| May 09, 2008 | 1 month late |
| Jun 10, 2008 | 2 months late |
| Jul 09, 2008 | 3 months late |
| Aug 09, 2008 | 4+ months late |
| Aug 30, 2008 | 3 months late |
| Sep 09, 2008 | 4+ months late |
| Oct 02, 2008 | 3 months late |
| Oct 09, 2008 | 4+ months late |
|
My situation
My wife and I adopted 3 children in the last 2 1/2 years, and now we are in the process of aggressively eliminating our debt so that we can be saving for kids' future (education, etc.) rather than paying off old debts and interest. We are in a financial position to have set aside almost 25% of our net income to pay down the credit debt we accumulated before the kids. Also, we are considering a move soon, and our FICO score is lower than I'd like, mainly because my credit cards are still near their limits. Eliminating all of my revolving credit would increase score and get me a much better mortgage interest rate. Our budget (complete budget available here ) ***NOTE: Only MY salary ($3060) is included in the 37% Debt-to-income ratio you see above!*** Monthly Net Income My salary 3060 Wife's and other income 2475 TOTAL MONTHLY INCOME: 5535 Monthly Expenses STUDENT LOANS AND MORTGAGES 1675 HIGH PRIORITY PAYOFF (i.e. what I am wanting to pay off by summer 2008) Car Payment 410 403b Annuity Loan 220 Commercial lender loan 250 Credit card (minimum payments approximately $300) 450 REGULAR EXPENSES (FOOD, INSURANCE, GAS, ETC.) 1395 SAVINGS/RETIREMENT 455 UTILITIES 620 Total Expenses per Month: 5475 My action plan On our current debt elimination plan (paying $920/month to the items in pink above), all of our revolving credit will be paid off in less than 2 1/2 years. However, it will be paid off much faster if this loan is funded. Here is a breakdown of what the loan would go to completely pay off: SST Visa Card: $1450 balance Citifinancial Retail: $4000 balance Capital One Visa: $2000 balance Exxon-Mobil: $400 balance Target: $150 balance TOTAL: $8000 And here is how my allotted $920 will be spent in debt reduction after my loan is funded: Loan from commercial lender: $487 Loan from Prosper: $311 Loan from my 403b: $122 An explanation of past delinquencies is available by clicking here . |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 85097 | Aggresive debt reduction | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85112 | Aggressive Debt Reduction | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85121 | Aggressive debt reduction | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85122 | Aggressive Debt Reduction | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85128 | Aggressive Debt Reduction | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85214 | Aggressive Debt Elimination | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85243 | Goodbye to High-Interest Credit Cards | D | $8,000 @ 17% | Jan 15, 2007 | Withdrawn |
| 85253 | Goodbye, High-Interest Credit Card Debt! | D | $8,000 @ 17% | Jan 15, 2007 | Expired |
| 89056 | Loan for faster debt elimination | D | $8,000 @ 23% | Jan 26, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|