Eric's Credit Community

Purpose of loan:
With this loan, I will pay off multiple high interest rate credit cards and close a few of these accounts. I am doing this for 2 main reasons. #1 ? I want to be debt free (credit cards) when my first child starts to go to school in 3+ years. To do this, I need to replace my revolving credit debt with a fixed 3 year loan. #2 ? I need to organize my finances before the birth of our second child in September of this year (to help pay for the hospital bills among other things.) I currently have a Prosper loan and it is great to know that a small chunk of my debt will be gone in 2.5 years.

My financial situation:
I have a good credit rating that is based on the fact that I always pay my bills on time each month. I have a few credit cards that are near their limit, and plan to eliminate a few of them with this loan (see below). My credit report also states that I have too many inquiries (which was due to the fact that I shopped for a mortgage re-fi in 2006 for 3 months & allowed way to many people to pull my credit). Although I've been at my current job for 8 months, I've been in my field of work for over 13 years.

Monthly net income: $4575

(My company also has a year end bonus plan worth up to 10% of my annual salary ? based on personal performance. Although I was only with them for 5 months (at the time), I received my full bonus this year ? as well as a 5% raise!  I also have a 401k plan, but would prefer to avoid the penalties associated with early withdraw).
(my wife also contributes $1200 per month with her part time work)

Monthly expenses: $
Housing: $ 2800
Insurance: $ 75 (auto)
Car expenses: $ 80
Utilities: $ 150
Phone, cable, internet: $ 120
Food, entertainment: $ 150
Clothing, household expenses $ 75
Credit cards and other loans: $ 900
Other expenses: $ 330 (truck loan)
(even with the few bills my wife has, we typically clear $1000/mo.)

Plan of action:

With this loan, I will pay off my RBS card (which has an APR around 23% right now), my Fairwinds Signature Credit Line, and a couple of my wife?s credit cards. Based on the calculations of this new loan, I will be paying roughly the same amount each month BUT I will significantly reduce my pay off duration (my 3 year plan!).   I will also be able to pay off significant chucks of debt when I get my bonus & tax return each year.  Also, my Ford truck loan will be paid off in 3+ years.  Please help me attain this goal. I will happily answer any questions you may have.

Thank you.