Eric's Credit Community

My wife and I are trying to pay off high interest credit cards, and her car note. Most of these cards were used for our wedding last year, and we are still dealing with them. We are getting by every month, but want to get rid of the debt.

I currently work for a homebuilder in Georgia, and also just obtained my real estate license. The market is slow, but in my first 3 weeks as a Realtor, I have one listing, and am also working as a buyer?s agent. My wife works for the same real estate company, as an Administrative Assistant.

I plan to obtain this loan in the same comfort zone of payments as we are paying now, just at a better interest rate. We want to pay off our two highest interest cards and finish off my wife?s car payment with this loan. If all things go well with my real estate clients, I may be able to pay back the loan sooner than 3 years. The main reason my credit is an A, is because of the young credit history. I am 24 years old, and a recent college grad (2005). Most of these cards I obtained in college. I have never gone into default or been delinquent on any account. Below is a list of mine and my wife?s credit card debt. We bought a house (in my name) in March, we have two car payments (one under my name), and one student loan payment each month.

The main purpose of this loan is to start becoming debt free. My wife and I just want to live better financially than "month to month." We want to put more into savings (right now, our only savings is my Simple IRA from work). If you have any questions, feel free to ask.

Credit Cards     Balance      Rate

BOA (wife)         $2175             24.99
Chase (mine)    $3000             24.24
Wife?s Car Note Balance is $6300
Other Expenses:
6 other cards from 0%-21%, totaling $13800 
Utilities $170/mo
Mortgage $1024/mo
Wife's Insurance $152/mo
TV/Phone $135/mo
My Truck Note $350/mo
Cell Phones $90/mo