Would Like To Pay Off A High Interest Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 28% |
| Lender Rate: | 14% | Borrower: | LivingSimple |
| Finished | State: | OR | |
| Funded: | 100% | Group: | MONEY DIES |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-29 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Nov 28, 2007 | Current |
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PURPOSE OF LOAN I am a retired Boeing engineer. I have never been married or owned a house and have always lived sort of a minimalist lifestyle, including having spent 14 years living in Sweden, most of which was spent teaching at two different universities. I think in large part due to the fact that I never had a mortgage to pay or a family to support, over the years I very gradually fell into the trap of thinking that I always would have enough money to live that lifestyle, even in retirement. The result was that I never really thought much about developing a financial plan for when the time came. In reality, I don't need a large amount of money, but I do have a $5000 loan on which I am paying more than 30% interest and on which I have never missed (or been late on) a payment over a period of several years. I would like to pay that off, plus have a little more as a cushion, since my car is more than 20 years old and starting to show its age. MY FINANCIAL SITUATION I am paying $179.31 on my present 30% loan. According to the Prosper loan calculator, a loan of $7500 would cost me (depending on the exact interest rate) about $275/month, only $100/month more than I have been paying for the past several years on the other loan and which I easily can manage. MONTHLY EXPENSES: Rent (including utilities and cable): $565 Food: $200 Gas: $75 Storage: $95 Loan Payment: $179.31 Car Insurance: $55 Phone: $30 Other Expenses (estimated): $200 TOTAL: $1400 MONTHLY NET INCOME: $1575 ADDITIONAL INFO: I was a ski patroller for 22 years and also play 5-string banjo in a local group |
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