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$60,000 Debt Consolidation – Dayton Ohio
Our present client is applying for a $60,000 debt consolidation loan and lives in the city of Dayton Ohio. Both he and his wife have six credit cards together, which unfortunately they have run up to their maximums and now are faced with payments that are much higher than they wish. The payments are high due to the high interest rates.
Regarding their credit rating, it is actually verging on the level of bad credit due to the number of cards and the balances on these cards. If they failed to make any payments and this failure was reported, they would definitely fall into the bad credit area. They have an excellent record of meeting all of their monthly obligations at this time and their credit rating is being held up by this record of payment. This shows just how important it is to manage your debt and also your monthly payments in order to maintain your credit rating. An excellent rating will ensure that consumers will be able to enjoy some of the most competitive interest rates.
They also do not have any equity to put forward in an effort to be able to secure a lower interest rate. This is a personal loan with no security which will command a higher interest rate than a secured loan.
This couple is currently paying over $1500 a month just to meet the minimum payments required by the various credit card companies. With this debt consolidation loan, they should be able to have their payment reduced to something in the order of $1200 to $1300 a month. This is not quite as big a savings as they were hoping, however it is still a large savings over what they would be currently paying. If they follow through with their plan to put the money saved towards the loan, not only will they pay the loan off more quickly, they will also save a large amount of interest as well. This is a very smart move on their part and will get them out of this hole quickly and also reestablish their credit rating as well. This will be important for them, should they ever plan to apply for a mortgage to buy a home in the future.
We anticipate that the lending committee will approve this loan to this couple, however the interest rate may be higher than they are expecting. They may just have to accept this rate, pay off their loan and move on towards better fiscal management.
Debt Consolidation Loan Amount :: $60,000
Debt Consolidation Loan Application and Processing Speed (when do you need the funds):: Within the next week. I want to pay down my credit cards before the next billing date
Do you currently have a mortgage? :: no, I rent an apartment
Bank Name and Branch :: Wright-Patt Credit Union, Inc; south main street
What City/Town, State and County do you live in? :: Dayton
What is your employment field? :: Parcel delivery team member
Employment Position :: Parcel delivery
When are you paid? (monthly/weekly/biweekly):: bi-weekly
Your credit rating to be – excellent, fair, or bad? :: fair
How did you find us? :: searching for debt consolidation loans
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2000
Do you agree to have this information published online, without your PRIVATE information of course? :: yes, no problem
Extra information here please (some detail):: My wife and I have run up our credit cards to the maximum and now we are paying really high interest rates on the overdue balance. We each have three cards and each of them have a $10,000 limit, so through one thing or another, we somehow managed to have them all at the maximum. We realize how silly this was and also what it is now costing us to carry the balance on these cards. The interest rates on all of them except for one is 19%, while the last one is a store card and carries an interest rate of 29%. Can you believe that it is that high? They do not tell you that until it is too late. We will never pay this thing off at these rates.
We want to borrow $60,000 to consolidate all of these debts, at a lower interest rate and get our monthly payments down to a level that we can afford and pay this loan off in less than five years. We hope to save at least $300 a month in terms of payments and plan to put these savings towards the principal of the loan so that we pay the loan off more quickly. Our current payment is over $1500 a month if we just pay the minimum payments.
Note to Lender :: I work for a parcel delivery company and have been at this company for the past 10 years. My job is secure and I expect to continue working for this company for many more years. My wife also works and has a similar income to my own. We will need both salaries to pay off this loan and pay our rent at the same time. We currently rent an apartment and have been at this location for the past 3 years. We have never missed a payment on our rent or our credit cards or anything else for that matter. We suspect that our credit rating is fair, although we do not know for sure. If it was not for the high balances on the cards, our credit rating would be excellent.
We would like to obtain a personal loan to cover this debt and consolidate everything. We need a competitive interest rate to make all of this work for us. Can you assist us in our objective to consolidate our credit card debt?
|Category: Home Mortgage Loan||APR 9.99%||APR 10.99%||APR 11.99%|
|Length of Term||5||5||5|
|Amount to be paid||$75231.89||$76756.60||$78281.32|
|Total interest paid||$15231.89||$16756.60||$18281.32|
|Paid per installment||$1236.69||$1261.75||$1286.82|
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This was written by . Posted on Saturday, October 6, 2012, at 5:56 am. Filed under Debt Consolidation. Tagged $60000 Debt Consolidation - Dayton Ohio, Dayton Debt Consolidation, Debt Consolidation - Dayton Ohio. Bookmark the permalink. Follow comments here with the RSS feed. Post a comment or leave a trackback.
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