Consolidation loan for credit card debt

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Listing Information
Amount: $6,750.00 Status: Loan created
Grade: C DTI: 38%
Lender Rate: 17% Borrower: Techn0mancer
Time Left: Finished State: MA
Funded: 100% Group: Everyday People
Loan Information
Loan Status: Current Origination Date: 2006-12-21 EricsCC ROI: 12%
Status History
Dec 20, 2006 Current
My name is William and as a younger man, I made a lot of small mistakes when it came to credit cards and spending beyond my means. I've learned a lot since then, but the interest on my credit cards is too high to make any real headway. Right now, my budget looks like this:

Current min. Credit payments: $200 (monthly finance charges: $155)
Gas & Insurance: $145 (vehicle paid for)
Auto transfer to mutual fund account: $100 (Seventeen deposits to date. Current value: $1749. If at all possible, I'd like to not liquidate this as I'm attempting to save for whatever the future throws my way and, ultimately, my retirement.)
Cable/Internet/Phone: $230
Total Expenses: $675
*No other housing/food payments as I live at home-to help out, I pay the cable/internet/phone bill. This is unlikely to change any time in the near future. My father is disabled and is on oxygen 24/7 and my mother works 60+ hours per week. I take care of the cooking and maintenance at the house.

Income $1000 per month net approximately. I work as a sale's associate at Burlington Coat Factory for their Baby Depot.

I always pay more than the minimum on my credit cards, though, so while I only need to pay $200 per month on my credit cards, I end up paying more like $500. If I can get the funding for my loan, my reworked budget will look like this:

Expenses after Prosper
Prosper Loan: $260
Min. Credit payments: $0 (all balances will be zeroed out)
Gas & Insurance: $145 (vehicle paid for)
Auto transfer to mutual fund account: $100
Cable/Internet/Phone: $230
Total Expenses: $735

As you can see, the money from this loan will be used to pay down all my credit cards while allowing me some flexibility in saving for any emergencies that may arise in the future. By my estimates, I should be able to pay off this loan by mid- to late-2008
Borrower's Other Listings
71833 Help Me Pay Off My Credit Card Debt C $6,001 @ 15% Dec 07, 2006 Withdrawn
71901 Help me pay off my credit card debt C $6,001 @ 17% Dec 07, 2006 Withdrawn
224000 Investing in My Future B $1,500 @ 10% Oct 31, 2007 Expired

 

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