MLK Day Update

I was going to post last night, but found myself too depressed from the Falcons loss yesterday. Tough game.

Anyway, it looks like we have about $800 extra this month. I think we are going to payoff the smallest loan which is about $490 and we will put the rest in savings. We have to keep on saving to for the upcoming exterior paint job. Taking care of that $490 is a small victory, but it will clear up about $8 a month. It is really irritating that $151 of that $490 is capitalized interest. Bah!

This morning we went and moved some boxes at the mother in-law's work place for $30. It was only 20 boxes, so it breaks down to a little over a dollar a box. I wish they had more for us to move. This money will also be applied to debt.

So, I was checking out some different types of investments the other day. I came across this website called Lending Club. It is a peer-to-peer platform where people apply for loans and individual people can fund the loan with small investments. It may seem dangerous, but it is not a scam. When you look for a loan to invest in they range in APR from 6% all the way to 24%. Obviously, the 24% will be the riskiest. But, you are able to see all of the financial information of people vying for loans. You can see their income, credit score, buy/rent home, number of delinquencies, defaults, and so on. It makes me feel very comfortable knowing you have the power to choose which loan to invest in. When you log in, you are able to see your interest accumulate on a daily basis. It makes me feel better being on the other side.

It is just an experiment for us, but I have already put in $75 and I am waiting on the money to clear so that I can purchase two more loans.

I will post some more updates on this very soon!