Eric's Credit Community

Purpose of loan

The purpose of this loan is to consolidate one credit card (just short of $5000 balance) and one personal loan ($6800 balance) into one payment that will eliminate all of the debt in three years. The personal loan is at 25% and is a line of credit. I want to pay it and close it so it is not longer available for use. I also want to pay the balance on the open card, it is an American Express but I am carrying a balance on it right now. I currently pay 4 credit cards with a consumer counseling service, so those accounts are closed, and are being paid on time, and will be done in 29 months.

I have A credit, and have never had a late payment. I recently graduated law school after having worked for a couple of years, so I wasn?t making much money. Plus, my partner started a business, a wine and cheese shop, which took out a lot of our cash. So the cards started getting some heavy use. I really want to get the credit card debt behind me.

I work full time as a judicial law clerk. I am paid through a legal placement agency, and regardless of my results, I can always be placed by the agency as a law clerk. My student loans are on a graduated payment, so in 2 years the payment will increase, so I want to have all the consumer debt well on the road to being repaid by that time.

My income picture below includes my partner?s earnings, and my present salary. We have been together for 11 years and our money is used for all our expenses.

The DTI ratio posted does not reflect both our incomes. But we use both to pay all our expenses.

My monthly budget:

Mortgage/rent: $900

Insurance: $40

Car expenses: $80

Utilities: $Included in my rent

Phone, cable, internet: $100

Food, entertainment: $300

Clothing, household expenses $100

Credit cards: $600 to pay the cards with the credit service and $100 to pay the open one. $300 to pay the line of credit (this would all be paid by the prosper loan)

Other expenses: $950 student loans (mine), $500 student loans (partner)

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Total monthly expenses: $3970

Combined income per month is $4400 after taxes, so we have $430 left over, but the loan payments above would be used to pay the prosper loan.