Help Us and You'll Make $$$
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 53% |
| Lender Rate: | 12% | Borrower: | Roodiculi |
| Finished | State: | WA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-03-01 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Mar 01, 2007 | Current |
| Apr 10, 2007 | Payoff in progress |
| Apr 13, 2007 | Paid |
|
Purpose of Loan: This loan of $17,000 will pay off a Chase credit card with a current balance of $22,000 that was closed in mid 2006 at my request. I have already secured the additional $5,000 using the equity in my car ? effectively increasing my car loan by $129. The card was originally used to purchase some large ticket items and a cash advance for stock trading that didn?t work out. However, thanks to the high interest rate of 29.2% it is difficult to pay it down with much progress. This loan will provide a lower interest rate and a timeframe to have it completely paid off. Our Debt Reduction Plan: We have three other credit cards in which we?ve been paying more than minimum amount ($9,400 total balance with a blended rate of 10.25%) to get them paid off. By paying a combined $325 per month on these cards, they too will be paid off in less than 36 months ($9,400 @ 10.25% paying $325/mo = 34 months). With the prosper loan, all credit card debt will be paid off in 36 months. What a great feeling that will be! All that will remain is our car loan which will be paid off in an additional 12 months and my student loan. The second and most important part to this plan is to not add any more debt. Since graduating from college, I have been in a successful job as an analyst, while my wife is also doing well in her new job of 18 months. Since earning higher incomes, our credit card debt has not increased, but has actually decreased, just not as fast as we would like. It is time to get rid of it. Monthly Income and Expenses: Our monthly net income after taxes and 401k contributions is approximately $4,200. Our monthly cash flow will look like this: Household Net Income: $4,200 Rent: $1,095 All Utilities: $390 Auto Loan (was $296): $451 Auto Insurance/Gas: $226 Student Loan: $101 Food/other living expenses: $600 Other card payments: $325 Prosper Loan at 17%: $606 Total Expenses $3,794 Cushion for Misc. Expenses: $406 As you can see, this loan is well within our budget. We have never missed a payment on any form of credit. Our household debt to income ratio will be 26% rather than the inflated posted DTI (doesn?t take into account that prosper loan is replacing an existing credit and is not new money. Credit card can no longer be used as it is closed). I can assure that you can bid with confidence as my credit is very important to me. Thank you for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 83708 | Loan to Pay Off High Interest Credit Card | B | $22,000 @ 14% | Jan 10, 2007 | Expired |
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