Eric's Credit Community

Purpose of loan:

This loan will allow me to pay off higher interest rate credit cards.  Specifically I will pay off three credit cards totaling $16,250.  These cards have an average interest rate of 29%. The present payment on these cards is $525.00 per month.  With a Prosper loan I will be able to pay off my total debt within 36 months instead of much longer. 

My credit shows 1 public record that is a tax lien RELEASE that relates to a tax bill that has been paid in full.

My financial situation:
I am an excellent candidate because I pay my bills on time and as agreed.  I have steady employment (Gov?t) and teach PT at a community college.  I have done both for eight years having permanent civil service status and tenure at the college.  I went through a divorce a couple of years ago and needed to totally re-establish a new household and living situation.  To accomplish this I borrowed on high interest rate cards.  With interest, even making high monthly payments, the balance seems to never go down (by very much).  A fixed term loan would set a definite horizon for payment in full.  I am living WITHIN my means and not incurring new debt.  The Prosper payment would be $189. per month higher than I am currently paying, however I have this extra available in my monthly budget to commit in order to pay off my debt faster. I am looking forward to becoming debt free within 3 years.

Monthly net income: $ 5,400.00

Monthly expenses:
  Housing: $ 1320 (own condo)
  Insurance: $ 138
  Car expenses: $ 750 (pymt, gas, parking)
  Utilities: $ 175
  Phone, cable, internet: $ 189
  Food, entertainment: $ 500
  Clothing, household expenses $ 250
  Credit cards: $ 525
  Prosper: $ 327
  Child Support and Other: $ 850

TOTAL: $5,024.00