Eric's Credit Community

I have a stable job as the Membership Director for a Chamber of Commerce in California. We are in the top 10% for membership size. I earn quarterly commissions based on performance in addition to a salary. The bulk of my commission checks have gone to pay down the highest rate balance as shown by large payments I've already made on the 23.9% loan.

My ScoreX reflects a bankruptcy in 2003. Since then, I?ve had no delinquencies and am steadily increasing my credit score. I have one credit card that I use for gas only, paying it off each month.

Since I'm the sole debtor on the loans, I?m not including my husband?s earnings/expense information except for what he contributes directly to my income and expenses.

Income:

$2,100 - Take home after taxes
$500 ? Cash from spouse
$2,600 - Total monthly income, not including quarterly commissions or bonus

$3,108 ? Monthly income, with average of $508 per month with commissions or bonus

Expenses

$805 - Rent

$290 - Food & Vitamins
$110 - Cell phones
$105 - Utilities
$102 - Car & Renters Insurance
$99 - Whole Life/Retirement
$80 - Gas
$80 - Gifts (includes Christmas averaged in)
$62 - Household items
$61 - Pre-paid Legal Insurance
$60 - Gym membership
$56 - DishTV
$40 - Phone & Internet
$40 - Supplemental health insurance
$40 - Auto repairs/maintenance
$16 - Life Ins
$15 - Entertainment
$2,061 ? Expenses before loan payments

Loan payments:

$128 - Credit Union at 17.99%
$244 - Capital One at 23.9%
$2,433 - Total Monthly Expenses (available cash $267/month not including commissions or bonus)

$293 - Estimated Prosper Loan Payment

$2,354 ? Total Monthly Expenses with Prosper Loan (available cash $346/month not including commissions or bonus)
 
*Additional Annual Income:
$4,000 - Take home on commissions for 2006
$2,100 ? Take home, annual year-end bonus

I realize that promises are easy to make, so I won?t promise, but will state my intention that I will have these loans paid off by October 31 of this year.