Eric's Credit Community

I am a Husband of 12 years, a father of 3, and a self-employed businessman. My oldest son is currently working on a record deal with Epic records. The other 2 kids are still in school. My wife works for a financial company.

I will use this loan to pay off 4 personal credit cards that I use for my business. My business will pay of this loan in 12-16 months. This will allow me to restore my personal credit rating where it use to be.

Balance Month Payment Interest Rate
Home Depot Commercial - $3300 $380 24%
Staples Commercial -    $3197 $195 24%
Citi Business -         $3105 $319 22.9%
Wamu Credit -           $3307 $212 23.7
Total                   $12,909    $1106

This is a relist for a smaller loan amount. I will be adding money from personal savings to pay the rest. Once we pay off these cards then it will be easier to pay the others off.

The DTI reported by prosper is not really valid because it does not include my wife?s income and it counts the credit card debt twice due to the fact I am consolidating the cards. It would be closer to 30% otherwise.

My budget:
Income - $3500 net per month
Spouse?s Income - $2700 net per month (not counting bonus)
Expenses:
Mortgage ? $1200
Utilities ?$220
Food ? 325
Car ? Both have company car and gas cards
Motorcycle - $90 (11 payments left)
Insurance - $120
Internet & cell phones are company paid
Kids school expenses - $130
Clothes - $100
Other business credit cards - $1375
Total $3559

Amount remaining to build savings, pay miscellaneous expenses and pay back Prosper loan and pay off remaining business credit cards = $2641.

Thanks for your consideration of my loan request.