Eric's Credit Community

Purpose of loan:
I am seeking a Prosper loan which will enable me to consolidate my credit card debt. Although my monthly Prosper payments would be higher than the sum of my current monthly payments, I am motivated by the idea that my debt will be repaid in a fixed amount of time ( unless I pay it off sooner!). The added incentive is the opportunity to see my credit score return to the excellent status it once held. While the short term benefits are great an additional reason for resuming financial responsibility is my desire to go to medical school. Completing my Prosper payments within three years insures that I will be able to eliminate a huge debt before entering the long term loan agreements associated with medical school. I am currently taking the prerequisite courses required for medical school and plan to enter medical school Fall 2010.

My financial situation:
Like most college students, I was introduced to the world of credit cards during my 1st year. My mother has always discussed the importance of having good credit in my household so I was determined to use my new card wisely. I am happy to say that I did take caution and was able to maintain control of spending for many years. However, it is now three years since graduating with my BA in psychology. I have slowly come to realize the compromise on my credit being a nonprofit employee in an expensive world.

Im sad to say that my decision to take a leave from work and take a summer session chemistry class was a catalyst for the decline in my credit score. I made the decision to take this course but did not realize how unprepared I was to go without pay for 6 weeks. I was lucky that my job supported me and I quickly returned to work in August 2006 after completing my class. Unfortunately my leave without pay correlates with a dramatic increase of credit card use. Although I was never delinquent on my payments, I only paid the minimum amount due.

I am proud of my decision to pursue my education but now realize that having a savings to depend on is necessary. Credit card finance charges cruelly hinder high balances from being eliminated. I am eager to pay off my credit cards and rebuild my credit with the knowledge learned from my experience. Consolidation through a Prosper loan would be a huge gift to me. In addition to having one monthly payment through Prosper, moving into a modest studio is going to allow me to save enough money to ensure that I am in a position to focus on medical school ( I will not be able to work ).

Monthly expenses: $ 2300
Housing: $ 600
Insurance: $ 0
Car expenses: $315
Utilities: $ 60
Phone, cable, internet: $100
Food, entertainment: $ 300
Clothing, household expenses $200

Prosper Loan: $ 725
Other expenses: $ 0
Monthly net income: $2,769

After payments I have $469 to save and/or use for any unexpected expenses.

Im thankful to each lender who gives me the opportunity to actualize my goals of organizing my finances, increasing my credit score, and supporting the feasability of my entrance (and success) with medical school in a few years.