Eric's Credit Community

Introduction: I am a self-employed business professional.

Bookkeeper: I am bookkeeper for 4 local businesses. I have worked for three of these businesses for 10 years. The rest of the time is spent running Re-Ride Consignment Tack Shop.

Tack Business: The store is a total consignment tack shop. In the 5 1/2 years there are now over 475 consignors. We deal in all disciplines of riding for all kinds of horse enthusiasts. The store has become a ?staple? in the region. I have been able to expand the hours that we are open this past year and it has been a good move. We are also now dealing in new riding equipment.

Finances:

• Store: Monthly income varies between $6,500 to $8,500. Of this approximately 33% is paid to consignors with the monthly expenses being paid that average $1,850 a month. The expenses include rent, utilities, advertising, insurance and one employee and occasional other labor. The store pays owners health, auto and life insurance and car payment.
• Personal: Current income of $1,790.00 per month from bookkeeping and miscellaneous income covers mortgage, utilities, home owners insurance and taxes, groceries, small retirement savings, and other incidentals.

Goal: To get debt back under control as 2007 was an interesting financial year.

-I co-signed for a car loan for son attending college
-I upgraded my own vehicle. The store is taking care of this payment very nicely now.
-My CC's, while they have low interest are all pretty full right now. I use them for cash flow and inventory purchases at the store and right now I find I am occasional using them for living expenses.
-I have a line of credit with HSBC that I have had to max out due to some unexpected home repairs.
-Child support not being paid. Darn that man!

Loan Purpose: I wish to pay off credit cards (appox $6,000), and pay down as much of the HSBC as possible.

I have worked with my son to get a private student loan and he will be paying off his truck loan soon. This will free up $375.00 a month.

Thank you for considering me.