Eric's Credit Community

I am a stay-at-home mother with a beautiful 15-month old son. My husband earns $100kas a business executive and we are rapidly climbing out of debt. I have no DQs or PRs ? and neither does my husband (username: mbalawyer). My high DTI is because I cannot include my husband?s income in my account. I have set the interest rate at the maximum.

Why I want this loan

My husband made a career decision (with my full support) after graduating from law school to spend a few years paying dues with a venture capital firm. During our first few years of marriage, we used credit cards to help support ourselves.

Our strategy is paying off ? in addition to his $96,000 salary, he has made $4,000 in consulting fees so far in 2007, which has gone toward debt payoff. We are rapidly emerging from debt, which allows me to stay at home and raise our child full-time. If needed, I can earn around $40,000 as a dental hygienist. My husband has a law degree, MBA, and engineering degree. In February, my husband had a $4,200 Prosper loan funded and received 169 bids combining for over $14,000 worth of bids. My husband formed a Prosper group and is not taking loan fees.

Budget

This loan will pay off my Bank of America credit card - $13,994.55 balance, APR 29.24% (see photo). This loan results in a monthly payment of around $500, which I have been paying toward this card anyway.

Monthly net earnings - $5,370 plus health insurance (excluding my husband?s outside consulting)

Credit/loan debt - $1,450 (assuming minimum payments only)
Rent - $900
Food, groceries, and consumables - $850
Car loans (2) - $678
Service, utilities, gasoline - $366
Insurance (auto, life) - $199
Miscellaneous - $200
Husband?s Prosper loan - $150

Total expenses - $4,643

The remaining ?surplus? is used to make higher than minimum payments on our credit cards with the highest interest rates.