Conquering School Debt
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|Loan Status:||Paid||Origination Date:||2011-07-08||EricsCC ROI:||14%|
|Jul 08, 2011||Current|
|Jul 10, 2012||Payoff in progress|
|Jul 17, 2012||Paid|
I will use this loan to consolidate higher-interest accounts that helped me pay for school when student loans got tight. Right now I am paying interest at about 30% on these accounts. With this loan, I'll be able to reach my goals of becoming debt-free in a year, and getting my credit score high enough to buy a home. Also, I like the idea of my interest payments going to a private investor with Prosper, and not to a giant bank.
I'm low-risk because I have a good job/income, and I know that going into default on any loan could potentially jeopardize my job and my goal of owning a home. I am making much higher payments on the accounts now than I will after consolidation, so this payment will be affordable.
Monthly net income: $3,640
Monthly Expenses: $2,690 total, as follows:
Phone, cable, internet: $90
Food, entertainment: $400
Clothing, household expenses: approx $100
Credit cards and other loans: $650