Consolidating CREDIT CARD DEBT
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 16% |
| Lender Rate: | 12% | Borrower: | TheConsolidator |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Debt Consolidators |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-02-08 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Feb 08, 2007 | Current |
|
Hello prosperous prosper lenders! I have some credit card debt I've
accumulated over the last three years supporting my family on just my
income. Now, my daughter is in Montessori school full time and her mom
can work full time, yay! I have read about Prosper in the past and always thought it was a great idea. Now, I have a reason to try it. CHASE decided, on a whim, to increase my interest rates to 26.99% on two cards. What I thought would be a painless call to customer service ended with no positive result. "We can adjust your rates anytime we see fit" was the response. I vowed to immediately pay off those two cards in full and put them 'in the freezer' so to speak. I have another card that is currently offering 2.9% interest for balance transfers with no transfer fees. The problem is, I have $5,800 on that card at 14%, currently. What I'd like to do with the prosper loan is pay off that card completely and then transfer the CHASE balances to that card. 2.9% is better than 26.99% wouldn't you agree? The rest of the money will go to pay down the transfer and a few other credit cards. Here is my financial picture: EXPENSES: Rent - $1475 Car - $469 Insurance - $225 Credit Cards - $290 Student Loan - $50 Gas/Electric/Phone/Cable/Internet - $300 Food - $300 Clothing - $100 Gas - $150 Entertainment - $200 Misc - $150 ---- TOTAL: $3709 My income varies, as I'm a commissioned sales rep for a packaging company. I've been with the company 5 years and it's a VERY steady job. In '04 I grossed 72k, '05 grossed 86k, and '06 grossed 66k (lost a big account.. but just landed a new one!). Average for three years = $74,600. I have a lot of write-offs and file as Head-of-Household so my total tax liability is averaging 20%. That gives me an average, monthly take home of $4,973.00. This gives me $1264 to pay off the debt and put in my Roth IRA. I've never had a late and I never will! Experian says my score is 701. I don't know how my score is 679 on prosper - i'd like to see what model they're using to compute that. At any rate (no pun intended) thanks for your time and help! -Adam |
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