Eric's Credit Community

• A Bank of America "GoldOption" loan that I originally took out in 2002.  At the time I originated this loan, it was for $10,000 at a 14.9% interest rate.  The bank has since changed the terms of this loan even though I have had no late payments ever on this or any other loan I have had.  It is currently at 26.9% with a balance of $3,563.

• A USBank credit card, which likewise was at a "teaser" rate in which I transferred a $5,500 balance to.  After a year, the teaser rate reset to 21.9% and the balance stands at $3,123.

• A First BankCard of Omaha account with a $3,255 balance.  This is an account I have had since 1998, but the 19.9% rate is too high for my liking.

My financial situation:
I have never been late on a payment and have annual gross income of $85,000.  My credit history begun in 1998.  My total debt to income ratio is approximately 19% and I am a homeowner with a 5.0% mortgage taken out in 2005.  I can support this amount of debt for three years and have evidenced that I am a timely payer in my credit report.  I really want to consolidate this high interest debt any pay it off quicker, without playing the credit card balance transfer game.

When transferring balances between cards, I find that I've lacked the disclipine to not continue to add new purchases to these cards and would be able to eliminate my debt much easier by closing these revolving accounts and repaying this installment loan.


Monthly net income: $5,944

Monthly expenses: $3,256
  Housing: $1,101
  Insurance: $95
  Car expenses: $295
  Utilities: $130
  Phone, cable, internet: $165
  Food, entertainment: $620
  Clothing, household expenses $200
  Credit cards and other loans: $450
  Other expenses: $200