From some other personal debt sites on the web I just learned about prosper.com. This site gathers people who need money and people who have money to lend and puts them together. The borrower asks for a specific amount of money and gives a max interest rate. The lenders bid on the loan. Prosper puts together the "winning" bids for the final interest rate and the borrower makes one loan payment per month, deducted from her bank account. Loans are spread over a three-year period, which is, interestingly, the length of time Pay it Down (see book at right) says we should strive for to reach debt-free status.
Prosper gets a fee for putting the pieces together. I just asked for a $3000 loan at 12% interest max. For this loan, Prosper will take a $30 fee, if it is funded.
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My quest for freedom from debt will be more successful if I actually have more money to throw at it. One way I might get there is by tiny, tiny steps: by being an affiliate of businesses I like. The following links are to businesses I own or partially own and to products I highly recommend and use myself.
If you purchase the products through these links I will get a small percentage of the price - and you won't pay any more than you would otherwise. Understand, though, that I am not a money-grubber. I will not become an affiliate of a business or product that offends me or that I do not use.
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