Credit cards, college expenses, and Roth
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 19% |
| Lender Rate: | 12% | Borrower: | jussenadv |
| Finished | State: | MD | |
| Funded: | 100% | Group: | Outdoorsmen of America |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-24 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Dec 24, 2007 | Current |
|
Purpose of loan: This loan has two purposes: The first is to pay off the credit card expenses I've
accumulated in college since the rate on this loan will most likely be better than any
of my credit cards. I'm living off campus for my senior year, so this
past semester produced more credit card charges than any other. Next
semester I will also be living off campus, so I'll set some of this
money aside to pay for my expected expenses next semester.
The second purpose of this loan is to fully fund my Roth IRA up
to the 4,000 limit for 2007. While going to school I work part time (20
hours) at the National Institutes of Health (you can see the project I do research with if you like, it's called MIPAV), so while I'm eligible to
contribute I've only saved 1,000. Since this doesn't need to be
contributed until mid-April, I'll keep the remaining balance of my loan
until then to make sure that I have the necessary funds to pay my loan
on time.
My financial situation:I live off campus in a house with 5 others, so my housing, utilities, phone, cable, internet, household expenses, and even food are subsidized by splitting these costs among 6 people. One of those pictures above is in the house I'm currently renting. Funding for college and living expenses comes from a mix of my job, my parents, and financial aid. For example, "insurance" is only the health insurance I'm paying, not the exorbitant costs of insuring an under-25 driver, I'm also covered by my family's cell phone plan, and my rent is currently subsidized by them. Thanks for considering my loan. I think my listing is pretty straight forward; since my job is secure I'll have the necessary resources each month to pay off this loan, this debt consolidation will allow me to stop using credit cards and use the money I make to just pay off this loan and my living expenses. I keep an excel spreadsheet of my budget, so the figures below are an average of what I've paid over the last few months. Let me know if you have any questions! Monthly net income: $ 1120 Monthly expenses: $ 722 Housing: $ 200 Insurance: $ 105 Car expenses: $ 100 Utilities: $ 45 Phone, cable, internet: $ 12 Food, entertainment: $ 150 Clothing, household expenses $ 30 Credit cards and other loans: $ 50 Other expenses: $ 30 |
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