Our Financial Overhaul
| Listing Information | |||
|---|---|---|---|
| Amount: | $13,500.00 | Status: | Loan created |
| Grade: | A | DTI: | 16% |
| Lender Rate: | 10% | Borrower: | Georgia_Mom |
| Finished | State: | GA | |
| Funded: | 100% | Group: | GROUP CLOSED |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-02-27 | EricsCC ROI: | 6% |
| Status History | |
|---|---|
| Feb 28, 2007 | Current |
|
OUR FINANCIAL OVERHAUL Overview:Hello. I'm a Georgia Mom with 4 wonderful kids(Jay - 16yr, Allan - 15yr, Karen - 12yr, Catherine - 9yr), and my husband Allan is pretty wonderful too. Originally from the Chicago area, we were transferred to the Atlanta area in 2000. It was a large adjustment, but now we love it and call Georgia our permanent home. My husband and I are both IT Professionals and work full-time. The kids are excellent students and involved in many activities, so our schedules are very busy. As with most people we made several New Year's Resolutions. The Diet and Exercise one is still stumbling along. Another one is to get our financial house in order, since the reality of college is just around the corner. The first step in Our Financial Overhaul is to eliminate our high-interest credit card debit. We make a good income, but as with a lot of families, we need more discipline with Wants versus Needs. With this consolidation, we will be saving hundreds of dollars a month, which will allow some wiggle room in our monthly budget and still allow us to have some money left to reinvest in Prosper. We could probably go to a Bank for a consolidation loan, but I love the concept of Prosper and want to be a part of it, both as a borrower (i.e. paying interest to Prosperous people instead of a large financial institution) and a lender (i.e. enabling loans to those who might not otherwise be able to take control of their financial situation). Details: We have approximately $13,500 in high-interest credit card debit we?d like to consolidate. A loan at 12.5% would be $450/month for 3years. Here?s how that payment would fit into our monthly budget: Income(Net /Take Home) $8500.00 ? Expenses $8050.00(Mortgage $1800.00, Grocery/Household $1000.00, Recreation/Activities/Allowances $1250.00, Loan Payment / Consolidation of Credit Cards $450.00, Telcom (Phones,Cable,DSL) $350.00, Utilities (Electric,Gas,Water) $300.00, Car Payments $650.00, Auto(Insurance,Gas,Maintnance) $750.00, Regular Savings (Short-term needs) $500.00, Investments (Long-term needs)$1000.00) = $450.00 left monthly for Misc/Emergencies We will also be instituting weekly/monthly allowances for the kids and the adults in our family, so we don?t end up with the same high-interest debit this time next year. The credit cards are put away and will be reserved for emergencies or planned purchases, not impulses. We?ve involved the kids in this effort, and they are surprisingly interested and actively engaged in the process. Please help us with Our Financial Overhaul! Georgia_Mom |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 96806 | Payoff my Holiday Credit Card Bills | A | $3,500 @ 9% | Feb 10, 2007 | Withdrawn |
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