Comments on: This Credit Card Alternative Could Reduce Your Interest Rate by 50% http://wealthpilgrim.com/this-credit-card-alternative-could-reduce-your-interest-rate-by-50/ WealthPilgrim.com -No Money Worries. No Matter What. Wed, 23 May 2012 17:15:07 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Bill http://wealthpilgrim.com/this-credit-card-alternative-could-reduce-your-interest-rate-by-50/#comment-4628 Bill Sat, 24 Apr 2010 21:30:49 +0000 http://wealthpilgrim.com/?p=14106#comment-4628 I do invest in Prosper, only ~5k, I choose to auto invest, rather than 'pick the right loans' if people could pick the right loans our economy would be running a little smoother. Just as you can not time the markets, you can not pick a loan based on a story + research. You have no idea what will happen next week in this person's life. Spread your investments wide and thin and make up the mistakes in the spread. I do invest in Prosper, only ~5k, I choose to auto invest, rather than ‘pick the right loans’ if people could pick the right loans our economy would be running a little smoother. Just as you can not time the markets, you can not pick a loan based on a story + research. You have no idea what will happen next week in this person’s life. Spread your investments wide and thin and make up the mistakes in the spread.

]]> By: Brandon Schmid http://wealthpilgrim.com/this-credit-card-alternative-could-reduce-your-interest-rate-by-50/#comment-4626 Brandon Schmid Sat, 24 Apr 2010 16:41:02 +0000 http://wealthpilgrim.com/?p=14106#comment-4626 I have always believed in using a HELOC. I think the main thing to watch out for is that one must get control of their bad habits BEFORE they use this method. I have found that for most people this is just a gateway to getting into more debt. If a person can manage their money than this would work out great. Cheers! Brandon I have always believed in using a HELOC. I think the main thing to watch out for is that one must get control of their bad habits BEFORE they use this method.

I have found that for most people this is just a gateway to getting into more debt. If a person can manage their money than this would work out great.

Cheers!

Brandon

]]> By: Alan Amsoil Dealer http://wealthpilgrim.com/this-credit-card-alternative-could-reduce-your-interest-rate-by-50/#comment-4619 Alan Amsoil Dealer Sat, 24 Apr 2010 02:54:11 +0000 http://wealthpilgrim.com/?p=14106#comment-4619 "While I’d never lend money in one these deals" I guess the question that pops into my head is "What kind of people do lend money in one of these deals?" and then "Would I want to borrow from such people?" I am not saying there is anything wrong with them; it just makes me wonder. “While I’d never lend money in one these deals” I guess the question that pops into my head is “What kind of people do lend money in one of these deals?” and then “Would I want to borrow from such people?”

I am not saying there is anything wrong with them; it just makes me wonder.

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/this-credit-card-alternative-could-reduce-your-interest-rate-by-50/#comment-4618 Neal@Wealth Pilgrim Fri, 23 Apr 2010 21:23:32 +0000 http://wealthpilgrim.com/?p=14106#comment-4618 I can see the allure of course and I suppose if someone was very careful and they spread the money around A LOT it might be OK but it's not my cup of tea for investing. There are many reasons for this but it doesn't matter. It's not to say this is not a legit way for Peter or others to invest. Way to go Peter! I can see the allure of course and I suppose if someone was very careful and they spread the money around A LOT it might be OK but it’s not my cup of tea for investing.

There are many reasons for this but it doesn’t matter. It’s not to say this is not a legit way for Peter or others to invest.

Way to go Peter!

]]> By: Nunzio Bruno http://wealthpilgrim.com/this-credit-card-alternative-could-reduce-your-interest-rate-by-50/#comment-4617 Nunzio Bruno Fri, 23 Apr 2010 20:29:35 +0000 http://wealthpilgrim.com/?p=14106#comment-4617 Interesting spin using a P2P lending network to cover debts. I'm in agreement with you on the level of risk but if it's the difference between paying 50% and 15% there's not really any reason why you shouldn't give it a shot. Seeing posts like @Peter there is great because it means that there is some validity to these things and that as long as it isn't the staple of a personal portfolio why not lend a little extra cash to pick up 10.5%. Nice job there Pete! Interesting spin using a P2P lending network to cover debts. I’m in agreement with you on the level of risk but if it’s the difference between paying 50% and 15% there’s not really any reason why you shouldn’t give it a shot. Seeing posts like @Peter there is great because it means that there is some validity to these things and that as long as it isn’t the staple of a personal portfolio why not lend a little extra cash to pick up 10.5%. Nice job there Pete!

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