Comments on: Monthly Debt Reduction & Savings Statement – July 2009 – Lending Club Edition

By: Alex Fernandes

Alex Fernandes — Tue, 15 Sep 2009 05:29:06 +0000

Great post and perfect saving plans, people should follow this post, so they will get clear idea about how to reduce their debt and how to make saving plans. .-= Alex Fernandes´s last blog ..India v/s America: A Comparison =-.

By: The Debt Steamroller - I WILL FIGHT to reach my goals! | Debt Free Adventure!

Tue, 25 Aug 2009 16:57:10 +0000

[...] week from now My debt free adventure will enter its 9th month! Although I have not been able to pay down my debt as fast as I would have liked, things are looking very positive from here [...]

By: Matt Jabs

Matt Jabs — Thu, 20 Aug 2009 07:23:57 +0000

The thing that pushed me over the edge was when my credit cards raised our rates for no reason other than “a bad economy.” After that happened, Lending Club made sense. You may find this happening to you soon, & if so your decision will be made easy!

By: Jessica W

Jessica W — Thu, 20 Aug 2009 07:15:58 +0000

I’m on the fence because my credit card interest rate is already under 10%, and I think they’ll be paid off by the end of the year or early next year. It may not be worth the one-time fee to consolidate, even though it’s a large amount because we’re paying it off so aggressively.
.-= Jessica W´s last blog ..Just when they thought they lost it all… =-.

By: Matt Jabs

Matt Jabs — Thu, 20 Aug 2009 07:05:26 +0000

Yeah, it sounds like you’re in the same exact boat we are – should work out great for you!

Just make sure all the other debt you consolidate is at a lower rate than what you secure through Lending Club. If your credit is anywhere near ours you should get a rate below 10% – I believe our credit score is between 750 & 800.

By: Jessica W

Jessica W — Thu, 20 Aug 2009 06:16:13 +0000

Matt–thansk for the follow up! I appreciate the feedback. I will consider doing our credit card payoff with LC instead of dragging these cards out. We’ve got great credit, so should be able to qualify for a low rate. Thanks again!
.-= Jessica W´s last blog ..Just when they thought they lost it all… =-.

By: Matt Jabs

Matt Jabs — Thu, 20 Aug 2009 06:05:44 +0000

Thank you very much for the encouragement… and I know what you mean about skipping over these types of articles. It is easy to do – thanks for reading.

By: Matt Jabs

Matt Jabs — Thu, 20 Aug 2009 06:04:36 +0000

Hey Jessica. They did not do income verification. Yes I did get a truth in lending act statement by default. After the $85 loan origination fee, I am still looking to save $500+ over the life of the $11,000 loan.

If you situation is similar to mine, I highly recommend it. I have no complaints yet.

By: Matt Jabs

Matt Jabs — Thu, 20 Aug 2009 05:31:24 +0000

Hey Janie – yeah, it shows up on your credit report. Good luck!

By: Matt Jabs

Matt Jabs — Thu, 20 Aug 2009 05:30:27 +0000

Hey BG… figured I’d let you know – I just received it TODAY!

By: Janie

Janie — Tue, 18 Aug 2009 08:22:29 +0000

Just curious as to whether the LC loan gets reported on your credit report. I’m currently working on increasing my score, and apparently need another account on my report. I’d like to get a business loan, but want to make sure it will get listed. Thanks!

By: BG

BG — Fri, 14 Aug 2009 21:54:21 +0000

Matt — excellent job in nuking the debt. Did you get your car Title in the mail yet? It is YOUR car now! Drive it with pride.

By: Frugal Dad

Frugal Dad — Wed, 12 Aug 2009 23:22:27 +0000

First, a confession. I’ve always skipped over these updates in the past. Today I sat down and read every word, and I must say I am inspired! Your story reminds me a lot of my own, and I was exactly where you are about a year ago.

I also wondered how I would ever find the additional income to pay down our debt. After looking around for months, I finally looked up!

My blog became a rather unexpected source of a great side hustle income, and thanks to it and a lot disclipline we wil soon be debt free.

I predict the same path for you. You have the right focus, and have a great product here in DFA. Keep at it!

By: Jessica W

Jessica W — Tue, 11 Aug 2009 19:38:45 +0000

Hey Matt! I’m thinking of doing this too, but have a couple of questions. First, did Lending Club do income verification? I’m self employed and dread the idea of trying to collect all my invoices to proove my income.

Second, did you get a statement like the truth in lending act to determine what your interest rate would be and how much you’d be paying in the life of the loan in interest? If it’s not going to save me money after the origination fee, I’m not sure I want to do it. I’m having a hard time determining how to evaluate the pros and cons.
.-= Jessica W´s last blog ..Exciting News Coming! =-.

By: Baker

Baker — Tue, 11 Aug 2009 19:30:46 +0000

That has got to be the most secure 9.23% rate of return in the history of man…

What kind of investors get this kind of commitment & passion?

Although, you will be debt free, far before I, I can’t wait to celebrate along side of you!
.-= Baker´s last blog ..Should You Hate Debt… Should You Hate Anything? =-.

By: Matt Jabs

Matt Jabs — Tue, 11 Aug 2009 16:10:30 +0000

@Craig and Jason: Thanks gentlemen. I am a man consumed. I will not rest, I will not tire, I will not stop until I reach that glorious day when I can look up to my Lord – a debt free man – and graciously and humbly thank Him for his incredible and faithful guidance.

PS… YES. I can most certainly taste it!

By: Jason @ One Money Design

Jason @ One Money Design — Tue, 11 Aug 2009 14:27:57 +0000

Matt,
Well done! You have the right attitude. There will be hills to climb and distractions that will try to take you off plan, but stay the course and trust God. If you’re trying to live according to His financial principles, he will bless you immeasurably. Your updates are inspirational.
.-= Jason @ One Money Design´s last blog ..Personal Finance Software: The Features You Can’t Live Without =-.

By: Craig @ Money Help For Christians

Craig @ Money Help For Christians — Tue, 11 Aug 2009 13:13:57 +0000

Matt,
Just wanted to say it looks like you have made great progress. Your moving in the right direction and making positive steps. Can you taste debt free yet? Keep up the great work.
.-= Craig @ Money Help For Christians´s last blog ..88 Best Personal Finance Books: As Recommended by Personal Finance Bloggers =-.