Eric's Credit Community

Reasons to borrow:

The average APR on my consumer debt is not that competitive of a rate (~13.00%) and my collective debt has accumulated. I have not been aggressively paying down my credit card balances, so now I need to take decisive action to consolidate and pay it down.

With the loan I will pay down the balance on my highest CC and with money saved from avoiding the bulk of the high APR, I'll be able to more efficiently pay down the balances month by month. It's a first step. Austerity over time will pay off the rest. I have a Master's degree from a prestigious international university of economics (LSE), so theoretically I should know better.

I used Prosper in 2007 for a loan, met all payments on time (automatic debits from bank account), and recommend the community for both lenders and borrowers. I have a stable, full-time job of two years, and I'm due for a review shortly there as well as a raise from my current salary.

Breakdown of monthly expenses:
Rent: $1,150
Phone: $80
Utilities: $180
Food, entertainment: $650
Subway: $80
CC1:  $2,600.27 @ 13.90
CC3: $16,100.19 @ 14.99%
CC3: $4,600.29 @ 6.240%
................................................
Monthly expenses: $2,600
Monthly Income: $4,500