Eric's Credit Community

Purpose of loan:
I have two credit cards that have very high balances and want to pay them off and basically start over with my financial situation.

$6345 @ 24.99% (Bank of America/MBNA Mastercard)

$4920 @21.24% (Bank of America/Visa)

As you can imagine the interest payments on these alone almost add up to the cost of what this loan payment will be.

My financial situation:
Well, after my girlfriend and I moved to Atlanta at the beginning of 2007 I experienced a long period of unemployment.  I changed my career path when we decided to move and it took awhile to find the right fit.  I am now in a position making about $15,000 more than I was in my previous job.  But due to internships during college and not making much in my first job out of school as well as the 4 months of not working I have dug myself quite the hole.  My new position is on the Business Development team of a growing technology company.  I have been here almost four months now and it has been a great learning experience so far.  I have been contributing to my companies 401K program at a rate of $350 a month but can cut that some if my cash flow gets tight.

I also do some work on the side reading water meters at apartment complexes.  I make around $200 a month doing this.

My rent payment is really high right now but it is subsidized somewhat by a roomate.  He gives me $300 a month to stay at my apartment.  We went to school together and when he graduated he moved to Atlanta without a job.  I let him crash at my place and since I spend a ton of time at my girlfriends apartment it works out well.  There is very little chance of him moving out before my lease is up.  His wife is still in school 200 miles away and will not be moving down here until next May or so.   I guess worst case scenario if he left I would have to stop contributing to my 401K.  I see very little chance of this happening.  My lease runs out in February so my rent costs will come down even more as I plan on moving in with a friend that is moving to Atlanta and having a rent payment of no more than $500 a month.

Montly gross income: $3750
Monthly net income: $ 2540
Other Income: $200 from meter reading, $300 from roomate.

Monthly expenses: $
  Housing: $ 1075
  Insurance: $ 110
  Car expenses: $ 150
  Utilities: $100
  Phone, cable, internet: $ 80
  Food, entertainment: $ 400
  Clothing, household expenses $ 125
  Credit cards and other loans: $ 400(would go away with this loan)
  Other expenses: $150

Cash Flow:

$2540(work) + $500(other income) - $2190 (regular expenses) = $850

Plus I have $350 a month in reserve that is currently going towards my 401K.