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Jun 12, 2006    |       3 comments

Resources for Prosper Borrowers

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Here are some sites that I found helpful as a Borrower at Prosper:

1.) Prosper Discussion Boards (found on the Prosper.com site as a sub-heading under “Help”). Even though there are separate forums for Borrowers and Lenders, make sure you look through both. Not only will you find great tips on how to do your listing, you will learn the general feeling of those lending at Prosper.

2.) Prosperl.icio.us. This is a blog written by a Prosper Lender mostly about lending, but he gives some great information for Borrowers (found by scrolling down on the right sidebar). It also doesn’t hurt to read some of the other posts as well even though they are geared towards Lenders.

3.) Eric’s Credit Community list of delinquent loans. Why look at that? While most delinquent loans are from High Risk Borrowers, there are still some late payments made from those with good credit. It just shows that anyone can be delinquent and you need to present your case to show you can and will repay the loan.

Even though my listing is already up, I’m still learning more and more. If my loan doesn’t happen to fund, I’ve learned things from these sites that I can do better in regards to my listing if I choose to try it again.

Jun 11, 2006    |      0 comments

January thru May Expenses

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Last time, I posted January thru April, and I kept in finance charges and interest expense. While they are true expenses, including them can be misleading if one just looks at my total expenses, total debt and income. It does appear that there is no way that everything could be paid without going more into debt. When in fact, the finance charge and interest expense is included with my monthly debt payments.

If anyone has any suggestions on what they would like to see, please let me know and I will see what I can do.

The biggest expenses that I would like to see dwindle down are for groceries and dining. With my husband switching shifts, we ended up dining more than we should have adjusting to the change.

A huge problem with groceries are the little visits to the store. We had two major shopping trips at Walmart and then about 10 visits to the local grocery store. It is amazing how those little visits added up to $200 in no time. It’s hard, but I believe that trying to limit shopping trips to once a week will work wonders with our grocery expense. That means creating some lists and sticking to them.

Right now, on a yearly basis our expenses are running $17,800/year. For an income of $40,000/year that leaves over $22,000/year for other things. Just imagine if that money could be put in savings instead of going towards debt. Wow.

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