Help Me Pay Small Short-Term Debt
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|Loan Status:||Paid||Origination Date:||2007-11-16||EricsCC ROI:||8%|
|Nov 23, 2007||Current|
|Apr 25, 2009||Payoff in progress|
|Apr 30, 2009||Paid|
Purpose of loan:
My interest rate on an outstanding balance of a credit card is high. I put this semester's tuition on my credit card to help build credit and keep my payments more liquid, rather than asking for a loan and being stuck with an interest rate for the length of the loan. Although I can pay it off easily within a few months, I'd rather pay off the total balance as quickly as I can and save the monthly interest cost. I'd rather be paying around 12% to an individual who could use the interest as income, rather than pay 20% to a banking institution. This is basically a no-risk loan, as I'm just looking for a lower rate.
My financial situation:
I recently took less hours at another job to begin a co-op/internship position as a computer programmer and have thereby doubled my (disposable) income. I feel safe asking for a loan from another individual that I can easily pay off in a few months. Also upon graduation, I will be working full-time at my current employer at least doubling my income. I also still currently hold my old job and work on weekends for supplemental income and networking.
I would however like to pay off that high interest rate card now, save some money and help someone else in the process; instead of a banking company. I have little living expenses, since I live with my family whom I have a strong relationship with and live comfortably. I usually make my payments online the same day my statement is available. Making a late payment is unheard of for me and I'm financially strong and level headed. I'm just young and needed the money quickly to invest in my education that is almost complete.
Feel free to contact me with any questions.
Monthly net income: $ 1,350
Monthly expenses: $ 400
Housing: $ 0
Insurance: $ 25
Car expenses: $ 50
Utilities: $ 0
Phone, cable, internet: $ 0
Food, entertainment: $ 150
Clothing, household expenses $ 25
Credit cards and other loans: $ 150
Other expenses: $ 0