Free Tool To Help Eliminate Credit Card Debt

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About a year ago I began investing in peer to peer lending loans via Lending Club.  My NAR (net annualized return) was around 11% until I let a defaulted loan slip by unmonitored.  Even with the default my current NAR stands at 8.3%, which is still a solid ROI in today’s economy.

After having the default lower my NAR I now carefully watch the loans I invest in and am quick to offer them up on the secondary trading platform if the borrower looks like they’re getting into financial trouble.  I have successfully dumped 2 other troubled loans, reclaiming about 80% of the value as opposed to losing the entire amount.  All in all, I highly recommend investing through Lending Club.  If you’d like more info on this, read my Lending Club review.

That brings me to todays tip for readers… if you’re trying to get out of credit card debt I recommend checking out Ready For ZeroIt is not a debt settlement company but rather a free service that helps people eliminate credit card debt.  The reason I’m mentioning their service in tandem with my Lending Club investments is because Lending Club uses ReadyForZero to verify the credit card debt of loan applicants.  After reading about it I thought I’d mention here in hopes that it may benefit someone.

From the Ready For Zero site:

“Are you ready to get out of credit card debt? ReadyForZero is a free online financial tool that lets you track your credit card debt, explore options, and make and follow a plan to eliminate it. This is a gimmick-free program, not a debt settlement or similar service.”

If you end up signing up and using it… be sure to share your experience in the comments.

From other great PF blogs

Betterment is one of my two favorite ways to earn interest on my savings! They have an awesome program for the Average Joe to save and invest simply and effectively. There are no minimum balance requirements and no transaction fees. Read my Betterment Review or open an account to get started earning now.

1 Echo

Thanks for the mention Matt, have a great weekend!

2 Rod

Thanks for the write-up Matt! We look forward to helping out, please keep us posted and feel free to let us know if you have any questions.

3 D R @ Motivating Minutes

I’ve been curious about the peer to peer lender sites. Thanks for the insight.

4 Matt Jabs

My pleasure D R, let me know if you have any questions.

5 Janelle

Hmm.. thanks for the link. Just signed up. Thanks for letting me know it doesn’t track down your debts too. 🙂 I appreciate that.

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