Become Debt Free Faster With The Lending Club DebtBuster Challenge

December 22, 2009 by Silicon Valley Blogger

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

Try it Now! Join Lending Club.

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:

  1. Commit to paying off your debt in 3 years or less.
  2. Check your current balances and interest rates on your personal loans and credit cards.
  3. 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.
  4. Apply to the Lending Club network through this link.
  5. If you qualify for a Lending Club loan, you’ll receive an LC care package with a t-shirt, backpack and pens.
For more details on Lending Club, please visit this link.

Here’s a look at the free gifts you’ll receive as an added bonus if you take out a Lending Club loan:

male vs female college education

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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