Borrowed Too Much in College
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 26% |
| Lender Rate: | 12% | Borrower: | sunnycyclist |
| Finished | State: | OR | |
| Funded: | 100% | Group: | New Day Rising Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-17 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Dec 15, 2007 | Current |
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Purpose of loan: I have a credit card with 18.25% interest on it that I want to pay off. I was an economics major in college, so I thought I was smart enough to run transactions through my card to get airline miles and not get into trouble. I started running a balance, but I justified by saying I would get a good job when I graduated, so I could easily pay it off. I did get a great job right after graduation, but it's much harder to pay off this debt than I imagined, especially now that my student loan has come due. My financial situation: I have a good job, modest expenses, and profound respect for budgeting. I love my work and do quite well at it. I do not own a car because my city has an excellent transit system that make having a personal car unnecessary. I no longer buy things on impulse or go to Starbucks thoughtlessly. This experience has taught me that I can't just spend money and assume everything will turn out for the best. Planning is the only thing that works. I am looking to lower my interest rate and to convert credit card debt into a predictable monthly payment. Monthly net income: $ 2,287 Monthly expenses: $ 1,585 Housing: $ 700 Insurance: $ 5.00 Commuter Train Tickets: $ 13 Utilities: $ 30 Phone, cable, internet: $ 95 Food, entertainment: $ 167 Clothing, household expenses $ 85 Credit cards $ 290 ($200 for my high interest card) Student loan payments $ 200 Remaining: $702 Note: I am also an authorized user on my mom's card, which accounts for $14,000 of revolving debt. Legally, I am not liable for her debt. She just likes the convenience of my having a copy of her card, so I can purchase things on her behalf, which is why that debt is listed on my credit report too. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 242387 | Borrowed Too Much in College | B | $9,000 @ 18% | Dec 02, 2007 | Withdrawn |
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