Eric's Credit Community

Loan Amount: $5,650
Interest Rate: 15% (Nebraska State Max.)

Reason for Loan: I am requesting this loan to pay $5,650 balance towards high-interest credit card bills.

Monthly Budget:

Net Paycheck:     $2,704.94
Mortgage: $800.00
Heat/Electricity: $120.00
Water/Garbage: $50
Telephone/Cable/Internet: $120.00
Auto Insurance: $200.00
Groceries: $200.00
Life Insurance: $81.00
DIning Out: $150.00
CC Payments: $300.00
Transportation (Gas): $120.00
Transportation (Loan): $350.00
House Things: $50.00
Misc. Purchases: $120.00

Leftover Cashflow: $43.94

Credit Card Bills:

Chase     $50     $1,350     25%
FNB Visa     $170     $3,500     25%
Capital One     $25     $400     26%
Household     $30     $400     30%
These credit cards payments, which are the monthly minimum, add up to $275 a month.  This loan will allow an additional $78 a month to help get rid of the high interest credit cards. 

Credit Issues:
I'm not afraid to admit it? I was a stupid college student and racked up my credit cards.  I'm sure we were all there at some point; those credit card companies come in and offer you a fancy t-shirt or new trendy backpack for free (as in beer) that is just so hard to pass up, right? 

Now that I'm out of school (I did graduate) I need to pay off these high interest credit cards because they're killing me.  I make pretty good money for a computer professional, but after making the monthly payments on them (most of them the card minimum), I'm left with very little to live off of for the rest of the month.  I make all of my monthly payments on time and have a good credit history ranging back to early 1998.  I'm also a brand-new homeowner. 

I figured I would give Propser a try after hearing some of the success stories.  Plus I figured what better way is there to learn about something other than trying it out for you?  Well, here I am.  

I will not let my group down and depending on how things turn out; I plan on helping fund prosper once I can get out from under this rock.