Sales professional ready to get out of credit card debt

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Listing Information
Amount: $3,000.00 Status: Loan created
Grade: HR DTI: 13%
Lender Rate: 20% Borrower: jlick359
Time Left: Finished State: CA
Funded: 100% Group: Creditcredit.
Loan Information
Loan Status: Current Origination Date: 2007-03-20 EricsCC ROI: 15%
Status History
Mar 19, 2007 Current
ABOUT ME:  I?m a 35 year old Silicon Valley, high-tech sales professional who is looking for some help to finally rid myself of credit card debt once and for all.  

I?ve lived in the Bay Area since 1985, left for four years to serve in the U.S. Army and fought in the Persian Gulf War.  I received an honorable discharge for my service, moved back to the Bay Area and went to San Jose State.  

I went through a divorce almost five years ago and assumed more than half of my share of the credit card debt.  I also lost all the furniture, appliances and housewares so I essentially had to start from square one again.  I?ve made some headway over the years but with the high interest rates, it is hard to catch up.  

I also have a 7 year old son that I am raising and one of my goals for us is to buy my first home by the time I?m forty.  I see this loan as a necessary first step towards reducing my debt, rebuilding my credit score and saving for a down payment.  

I have eight credit cards (seven of them with banks and one with Target) totaling almost $12K.  I want to start small so I?m requesting $3K to pay off four of my smaller amount cards.  Two Capital One cards for $1K, an Orchard Bank Mastercard for $860 and a Household Bank Mastercard for $1,460.00.  As soon as I pay them off I plan to immediately close the accounts.  Then once I have shown a good paying track record on Prosper, I plan to request another small loan to start paying down the other four credit cards.  

MONTHLY FINANCIAL DETAILS:

$3,380 ? Net income (not including average monthly commission of $1,500)
$900 ? Rent
$200 ? Utilities
$150 ? Gas
$300 ? other cards not paid by Prosper
$150 ? Groceries
$220 ? Monthly after school daycare    

Total monthly expenses:  $1,920  

I will have $1,460 to make towards Prosper loan as well as continue to make additional payments on the other cards.  

IN CLOSING:  I know I am listed as an HR, and most people are very hesitant to loan to HR listings.  I take my debt very sriously and have been paying the minimum monthlys consistently.  But I can't seem to catch up.  Also, my good friend of seven years (I'm in his wedding later this year) referred me to this site as I wouldn?t be able to get a loan from a bank or FCU without a co-signer.  I take my friendship with him very seriously and would never not pay as he is putting his own reputation on the line for me.
Borrower's Other Listings
298997 Ready to finally be free of credit card debt HR $16,926 @ 35% Mar 25, 2008 Withdrawn
303088 Need to pay the IRS & two credit cards HR $8,000 @ 29% Apr 01, 2008 Expired

 

Discussion For This Listing
View Recently Discussed Listings »
Mon, March 12, 2007
Group leader endorsing an HR listing to the EricsCC community:

I don't normally promote listings but I'd like to give some positive feedback on this listing that I have sponsored through my new group. I hope that some of the lenders who participate here on Eric's will take a look at this listing on Prosper and consider placing a bid. I realize that most HR activity is more risky than plenty of us prefer to get involved in, but I've really taken this man under my wing and helped him out with his rough situation. There is no group leader award attached to it to ensure the highest rate to the lenders (my primary role on Prosper) and since there is no match reward, this is all on good faith.

Please take a minute to read it over and consider a bid.

Thanks.

Chris
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