This query was entertaining in that it was from a retired gentleman currently living in Missouri City Texas which is really a suburb of Houston. For loans in Houston we have many pages on our site and sister sites with example of debt consolidations that have been applied for and approved. This retired couple was not really all that serious about getting a consolidation loan with one of our suggested lenders – they were, as he mentioned below “just poking around the Internet” to see what kind of rate they could get.
The loan amount he was asking about was $15,000 dollars and they created their CC debt from travel expenses which our retired friend explained on the phone.
For those borrowers and applicants who are interested to know how much a consolidation of $15,000 would cost in total interest at a fair APR, then we have created a calculation at the very bottom of this post.
Of course with a reasonable and competitive APR the cost of the overall debt will be much less than if you were to pay off the credit cards using the typical CC rate of around 20%. If my grandfather could see how much these rates are now he would be sickened. If he saw these payday loan and cash advance lending instruments he would likely faint!
Retired Couple in Missouri City (Houston) :: Debt Consolidation Request for $15,000
Purpose of loan? :: We must quickly and cheaply pay down some ugly debts. My wife is very upset with our credit card problem as she sees it. We live in an area of Houston Texas and we want to move soon out to Rosenberg to be closer to our kids and their children.
Amount being Borrowed? :: 15,000$ USD
Your employment field :: I’m officially retired from the Air Force and don’t have any other debt except these darned credit cards.
Your job title :: No job – retired. Ex-Military
Length of Employment :: Full time career – retired
Time at Address :: 18 years and loved every minute of it. I have resided in beautiful Texas my entire life. In fact, I grew up in Houston with my parents who lived in North Houston. We have no problem with money really and with both our pensions and social security checks we can easily make the loan payment on this debt consolidation.
Age :: 67
Anything else you can tell us to speed up approval? :: We both have good credit, and we’re just using your web site to shop for low interest loans. Thought we would see if getting a debt consolidation online can be cheaper for interest than just consolidation these friggin cards with our bank. No so sure that this the way to go, but thanks for letting me use your site to poke around a little bit.
Sex :: Male (with no tail)
Marital Status :: Married happily for 40 years this coming March!!!
Ever Claimed Bankruptcy? :: No sir. I never spent money I didn’t have until this last year when my wife Maggie and I decided to splurge and say the heck with it and go travelling in Europe using nothing but our credit cards. It was worth it, but now we have to pay off these God-for-saken credit cards. A 19% interest rate is criminal in my book.
What City/Town, County/Parish/District, and State is your primary address? :: Missouri City, Texas in Houston and the County is Fort Bend
Zip: 77459
Have you checked your credit report lately? :: No – I am very much confident that when you check out our credit rating it will be very high.
Would you consider your credit rating to be? :: Please see above answer
Collateral? :: N/A
Down Payment? :: N/A – Not purchasing. Only a credit card consolidation loan boys and girls 
If down payment, how much? Explain please. :: N/A and as above again.
Do you a have co-signer or co-borrower? :: N/A not required. We just want to know what our options are for a consolidation of our CC debt. Just window shopping right now, or as you young kids call it – “surfing the Internet”.
$15,000 Debt Consolidation Loan – Calculated
Here is the total calculation of a debt consolidation instrument for $15,000 over a three year term. We used the loan calculator from this loan request with excellent credit.
- Principal = $15,000
- Length = 3 years (36 months)
- APR = 8 percent
- Payment freq = monthly
Totals come to;
To be paid = $16,849.65
Interest = $1,849.65
Monthly installment payments = $461.63
The monthly payments would be (if this retired fella actually did take out the loan) just over four hundred and 60 bucks a month. Not too bad. However, in further discussions with this man in Missouri City (Houston), he disclosed that his branch at Bank of America granted him the consolidation with low rate of 6% – fantastic. Want to know what he ended up paying per month and his total interest at that rate? Sure you do. We extended the length of the loan to five years for s*its and giggles.
- Principal = $15,000
- Length = 5 years
- APR = 6%
- Frequency = monthly
Results;
Total paid = $17,287.07
Total interest $2,287.07
Payments = $284.17
Of course the smarter borrower would never extend the terms of the loan to 5 years, and banks and private lenders would never extend a consolidation loan for 15,000 dollars up to 5 years. Not enough money there for that. We did the calculation anyway for fun.
Loan Officer Conclusion(s) :: This borrower or could be applicant was just looking on the Internet to see what kind of rate he could get on a credit card debt consolidation deal. He ended up consolidating with his bank and got a much better APR as a result. My guess is that the query this retired couple was making made them understand that online lending is too expensive. You are always better off using your local bank branch for borrowing if you can.
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