Eric's Credit Community

Purpose of loan:
The majority of this loan will be used to consolidate debt incurred during my recent divorce. I have a $10000 unsecured loan that is amortized for 10 years. I will also be using this loan to cash my ex wife out of my retirement.

Breakdown of debts to be consolidated:

$10,000- Unsecured debt, 24% amortized for 10 years. I incurred this debt during my divorce. I used it to move out and furnish a new apartment (I have since bought a home). Current monthly payment- $420

$12,000- Buy out ex wife from my retirement. I am a member of CalPers and have a great retirement. If I do not buy my ex wife out now, she will be entitled to a percentage of my pension for the rest of her life.

$3,000- Revolving credit. I will be using the remaining proceeds from this loan to pay off 3 credit cards. They all have low balances. Current monthly payment- $95

Although the combined monthly payments will go up, the reduction from a 10 year loan to a 3 year loan will save a significant amount of money in the long term. I will also be satisfying a court ordered buy out that needs to be paid by the end of this year. Although not included in the income area of this listing, I do have a tenant that pays $500 a month to rent a room from me (the rent includes utilities).

My financial situation:
I have a high paying, secure government job. I own my own home, and I have $5000 invested in Prosper.

Monthly net income: $ 7000

Monthly expenses: $ 6200
Housing: $ 2500
Insurance: $ 150
Car expenses: $ 500
Utilities: $ 200
Phone, cable, internet: $ 150
Food, entertainment: $ 400
Clothing, household expenses $ 200
Credit cards and other loans: $ 700
Other expenses: $ 1000 (includes $600 child support)

Thank you for considering my request. If you have any questions, feel free to ask.