Comments on: Debt Help – The Lending Club DebtBuster Challenge

By: Debt Slavery - What it is and Ways Out

Debt Slavery - What it is and Ways Out — Wed, 20 Jan 2010 10:22:29 +0000

[...] is part of the Lending Club Debtbuster Challenge. I have written two other in the series: “Debt Help – The Lending Club DebtBuster Challenge” and “Debt Consolidation – It Can [...]

By: January is DebtBuster Month @LendingClub

January is DebtBuster Month @LendingClub — Thu, 14 Jan 2010 02:42:41 +0000

[...] "Debt Help – The Lending Club DebtBuster Challenge" [...]

By: Become Debt Free Faster With The Lending Club DebtBuster Challenge

Become Debt Free Faster With The Lending Club DebtBuster Challenge — Thu, 24 Dec 2009 09:56:06 +0000

[...] Debt Free Adventure [...]

By: Matt Jabs

Matt Jabs — Thu, 24 Dec 2009 07:27:11 +0000

Well, no… I didn’t get paid to write it. But I do get a percentage of any sign ups that take place through the links (as it says in the sidebar.)

This is a promotion to sign up with Lending Club. I’m not sorry, or ashamed of that in any way.

Consolidating my debt through LC helped me quite a bit, and I am happy to let others know of the opportunity… so people can take it or leave it.

By: none

none — Thu, 24 Dec 2009 03:19:17 +0000

I am sorry, but this post reeks of a paid post. Is that true?

By: Free Gifts From Lending Club’s DebtBuster Challenge - Consumerism Commentary

Wed, 23 Dec 2009 13:01:25 +0000

[...] people to get out of debt are joining Consumerism Commentary in the DebtBuster Challenge: Debt Free Adventure, How to Get Out of Debt, Debt Kid, and The Digerati [...]

By: Bust’ A Debt

Bust’ A Debt — Tue, 22 Dec 2009 23:34:53 +0000

[...] Guy Consumerism Commentary Debt Free Adventure The Digerati [...]

By: Peter

Peter — Tue, 22 Dec 2009 18:26:54 +0000

I agree that debt is debt is debt. Far too many people tend to just get consolidation loans to move the debt around and give themselves some wiggle room, and not really intending to pay it down faster.

However, if you’re already committed to paying off debt, you may as well do it the smart way – and save yourself some money along the way – right? The only caveats that I would place on this is:

1. Don’t consolidate lower interest loans into a consolidation loan with a higher rate.
2. Don’t take your lower payments to mean that you have “more money left over” that you can then just go out and spend. Stay committed to your goal of erasing your debt. Commit extra money towards paying off your loan earlier.
3. Don’t create new debt – ie; don’t get a new loan to fund a boat, landscaping project/etc. Save up and pay cash.

I agree with both of you – don’t take lending club to be an easy answer, because it’s not. It’s still debt and you’ll still need to pay it off. By the same token if it makes sense for you and it will save your family money – by all means move ahead.

By: Matt Jabs

Matt Jabs — Tue, 22 Dec 2009 17:59:33 +0000

I am so glad someone asked this question... because there are very solid reasons why I use and promote Lending Club for those already struggling with debt reduction payments. For those who want ALL the details, check out my Lending Club Review, but here is a brief summary. You are right Paul. Debt is debt, any way you slice it. And here are the benefits I have realized by consolidating debt with Lending Club:

Debt was moved into one payment at a lower rate than each of my other 4 debts. This saves me money (around $500 over the life of the loan) and simplifies by debt reduction by reducing my risk of forgetting monthly payments. I have 3 less payments to worry about and the Lending Club payment is set up as automatic withdraw by default, as opposed to having to juggling 4 manual payments.
Especially after the massive taxpayer bailout of the financial sector, I see it as a moral obligation to stand up against the banking industry as a whole, and opt instead to save money by borrowing through peer to peer lending. On top of this moral obligation that I take as personal, I am also paying interest to other individuals as opposed to paying it to any bailed out banks that I stand in opposition against.

I actually feel very good about consolidating through Lending Club, and am realizing tangible benefits. If this was not the case I would not present it as solid option for others to follow.

By: Paul @ FiscalGeek

Paul @ FiscalGeek — Tue, 22 Dec 2009 17:29:39 +0000

Hmmm I’m having a hard time with this one for an organization who’s sole business is based on others debt. Sure it may be your friend who’s funded your loan but it’s debt nonetheless and Lending club is not a non-profit. Debt reduction is definitely necessary and I’m a huge proponent of that but it seems misguided to think that just moving your debt to lending club is going to solve your problem. Yes I hear many positive things about them but debt is debt is debt. Am I missing something?

By: Beckey

Beckey — Tue, 22 Dec 2009 16:43:34 +0000

I tried to do this with Lending Club, but since I am just now recovering from a bad breakup last year, my credit score will not let them work with me. Oh well, I’ll do it the old fashioned way, with blood, sweat, and tears.