Blogging Out of Debt

I’ve been using Prosper.com for about 1 and a half years now both as a lender and borrower.

I originally used Prosper.com as a way to make money by lending it out to other members. My average interest rate is 24% per year on loans I’ve made. These were some riskier loans I funded but they have proved to be winners. Off my original investment of $500.00 I’ve made over $130.00 in interest and I’ve gotten roughly $250.00 of my original investment back. Now keep in mind that this is in no way shape or form a scam or other illegal business. Prosper is a legal company with state licenses in almost all states. Prosper does not use your money for investments. You yourself invest or lend money to other ordinary people just like you or I.

The lowest amount you can lend on one loan is $50.00. This might seem like a lot but once your first loan is funded they GIVE you $25.00! How cool is that? You just made a $50.00 investment with $25.00. Now you can immediately withdraw that extra $25.00 to your bank or you can lend it out its your choice.

Now there is one down side. Investments are not insured. Loans you are making are unsecured loans. This means that there is no collateral if they default. They get dinged on there credit pretty bad though. Fortunately default rates on Prosper.com loans haven’t been too bad if you keep out of the HR (High Risk) category of borrowers.

A few other things to put you at ease is that over $100 Million has been lent out so far at Prosper.com. They also have been featured on MANY different TV shows and on news casts all over the country. They have a strict verification process that is done on borrowers to ensure against fraud and other illegal or suspicious activities. Lastly they have a 100% identity fraud protection guarantee. If your loan was made to someone impersonating another and commited identity theft prosper will refund all of your investment.

Please stop investing in HYIP scams and investment surfs that all go away. Start lending to real people just like you or I and feel good about it! Your helping people by lending to them at Prosper.com Come join me and see what all the talk is about.

Also I would love to hear your comments on prosper or my blog in general so feel free to comment!
Robert

Now that you know who I am its now time for me to give you my current financial situation:

Wells Fargo: $1563.00 21%

Cite Cards: $1414.00 15.99%

Orchard Bank: $270.00 12%

Prosper Loan (Personal Loan): $1812.00 17.98%

Loan From Parents: $2000.00

Total Debt owed: $7059.00

This is definitely a daunting task to reduce this debt mostly from online income. The good news is I’ve been trying for 3 years now and have at least a very good idea of what works and what doesn’t.

Fortunately my parents are paying for the majority of my schooling, rent and utilities. They also give me a monthly “allowance” for food and other necesities. Unfortunately this is also where making payments also has to come out of. As it stands this month I have receive $300.00 a month from my parents to divide as I please. Currently $200.00 of it is going toward debt payments. The rest goes toward food etc. I’ve learned to live cheap though which helps a lot.

Also just a note the totals above are at the time of the statement for each. I have made payments since then.

Hello everyone! My name is Robert Caldwell and this blog is going to show the world my progress in getting out of debt. Fortunately for me I’m not in over my head yet and I’ve made it my goal to get out of debt in 3 years.

The unfortunate part is I’m a full-time student right now so making extra money isn’t easy. My parents are fairly well off and are paying for my college education and most of my living expenses right now. I made some mistakes in the past with my spending and that is how I got into trouble. I was spending more than I was making and my expected income over the summer wasn’t what I was hoping it would be either which of course didn’t help things.

Right now what my parents are giving me is just barely what I need. I am making payments on all of my obligations with the minimum payments and I’m managing to feed myself. That’s about it though. Fortunately I only have to feed myself so its pretty cheap.

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