Eric's Credit Community

Purpose of loan:
To pay off a credit card with a very high interest rate (25%).

My financial situation:

I incurred significant credit card debt while obtaining two graduate degrees (MA and PhD) due to limited eligibility for student loans and limited financial support (fellowships). I?m now done with school and working full time as a research psychologist for the University of Pittsburgh Medical School.

I?m currently aggressively paying down all my debts. Current Budget:

INCOME:
Income after taxes/ins from university: $3,650
Statistical Consulting: $200
Total:  $3,850

EXPENSES:
Rent (including utilities): 550
Phone: 90
Internet and TV: 60
Car Insurance: 80
Gas: 30 (I live 2 blocks from work and walk)
Food: 200
Student loan: 260
Credit card payments: 2,400
Total Expenses: 3,670

This loan will change a monthly payment from $670 to Bank of America to $684 to Prosper.  My budget after this loan will be the same, except that I will significantly expedite the debt repayment from 5-7 years to 3. My intention is to keep this loan for the entire 3 year period. The prosper payment will be automatically deducted from bank account.