Become debt free by making a commitment. Lending Club’s DebtBuster Challenge encourages you to pay off your debt quickly plus you’ll get free gifts in the process!
In the thick of the holiday season, I am seeing myself part with my cash faster than I normally would during any other month. The festivities have a way of making us feel more generous and lighter in the wallet. I tend to find myself unable to say “no” to those seeking favors, gifts and donations during this time of the year. So who else will admit that this is the month when expenses tend to go a little haywire? It’s therefore a must to develop a holiday budget in advance, just to lessen the blow of the additional expenditures that tend to pile up during the end of the year.
But while there are those of us who have worked out a budget to address the requirements of the holidays, there will be those who will be resorting to advances against their credit lines to fund ongoing festivities. I try to remain pretty conservative about dealing with debt, but there are people who are much more comfortable with it, and may be interested to know that there are ways to borrow money at cheaper rates.
Become Debt Free Faster: Take The Lending Club DebtBuster Challenge
For those of us who have good credit and who are looking for cheaper loan alternatives, there are networks like Lending Club that can offer you better rates. Right now, Lending Club — a peer to peer lending network which we often feature on our site — is offering what is called a “DebtBuster Challenge”: they’d like to get the word out that you can reduce your debt by opting for alternative personal loans that are predictable and have fixed rates. If you’ve got healthy credit (with a credit score of at least 660) and are looking for a better deal on personal loans, then a debt consolidation loan or balance transfer can be something to consider. If you’re interested in taking the DebtBuster Challenge, here’s how to proceed:
- Commit to paying off your debt in 3 years or less.
- Check your current balances and interest rates on your personal loans and credit cards.
- Check out loan alternatives that may provide you with lower rates. Lending Club is one such option: take a look at this loan interest rates page from LC — are these better than the rates you see in step 2? If so, and if you qualify as a borrower, then getting a cheaper loan should help you make a dent on your existing debt.
- Apply to the Lending Club network through this link.
- If you qualify for a Lending Club loan, you’ll receive an LC care package with a t-shirt, backpack and pens.
Here’s a look at the free gifts you’ll receive as an added bonus if you take out a Lending Club loan:
You can also get additional information on how to borrow money wisely by checking out our articles on the best debt consolidation loans, on personal loan interest rates at LC, on how to get a personal loan, and our Lending Club review.
While nothing beats reducing your expenses, cutting costs and living frugally, I’ve discovered that there are other debt-beating strategies out there that can also make a big difference. To minimize debt, not only should you cut down on your day to day expenses and manage to make the most out of every dollar you spend, you should also do what it takes to cut down on the costs of supporting any existing debt that you carry. I’m surprised that not more people actually do this.
This Lending Club campaign also includes other debt fighters in the personal finance blogosphere. If you’re looking for more encouragement to get started on Lending Club, you can check out what these other bloggers are saying about this challenge!
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- Cash bonus: Discover More [$50], American Express [$25], Lending Club [$25]
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{ 8 comments… read them below or add one }
Getting rid of debt is an amazing feeling, and one that I hope more will commit to experiencing through this great promotion.
Thanks Matt. People can certainly make faster strides when they take a more active role with managing their existing debt. Taking care of one’s credit and figuring out the best strategies for low cost debt are ways to ensure that you don’t “bite off more than you can chew” and go overboard with your debt load.
Personal debt of course can be an escalating problem if we are not prepared to live within our means. The type of debt that causes me concern is National Debt and the tendency of some leaders, politicians and bankers to make light of a problem that will eventually catch up and hit us full-on with a somewhat flippant attitude to economic growth.
Aside from my mortgage and car loan, I got out of debt a year ago with a loan from Lending Club, which is amazing! I am now working on my car loan and after that reducing expenses (no need for expensive cable, landline, etc). I find that recurring monthly expenses are the ones that drain you the most (once you;ve mastered not to incur impulsive expenses)
Getting rid of my debt helped increase my credit score!
The debt commitment part is pretty pointless. A 3 year goal is nice, but for many people it’s just not achievable. i.e. if you make $30-35K a year, and are $80K in debt (college tuition for example), paying that off in 3 years is next to impossible.
@Style Advice,
It seems that you are implying that making financial goals is pointless (or perhaps you are only addressing the 3 year time span for debt reduction). I disagree on this matter. Goals are useful in getting you focused and are the first steps to take to help you get from point A to point B. A 3 year debt payment goal may not seem practical for everyone but for a good number of people, it’s pretty doable. Visualizing and setting goals is one way to start taking serious action against something you’ve always wanted to achieve. I’m actually one of those Type A++ people who will attribute a lot of what I’ve done to goal setting and making commitments to the priorities I make. If your resolve is strong, you can do a lot of things you might initially think are out of your reach.
I think companies like Lending Club and Prosper are hidden secrets to help with personal finance. Unfortunately, most people that have financial problems will not qualify for a loan at Lending Club because of their credit score. Lending requires at least a 660.