January 11, 2008

My Success as a Prosper Borrower

By Prosper

I’m a responsible, hard-working college graduate trying to get out of debt. I’ve diligently paid the credit card companies minimum payments (or more) every month for the last 5 years. In return they slapped me with higher rates as soon as my balances grew. When I inquired about the 230% increase in my APR, I was ignored and treated with disrespect. Prosper lenders gave me an opportunity to redeem myself. They looked beyond my credit score and saw my potential to be a responsible borrower. Not only did I cut my highest interest rate debt in half, but I gained leverage with the rest of my creditors. After a couple months of $0 balances, my high interest credit card companies reduced my standard APRs. All of the sudden they had great balance transfer deals to bring to the table. This is more progress in 6 months than I was able to make in the past 3 years with phone calls and letters.

I’m almost 6 months into my Prosper Loan and I’ve been able to reduce my total finance charges from over $300 per month to under $100. This has freed up funds to “snowball” into my next highest rate balance. I expect to be completely out of debt by the end of 2008. None of this would have been possible without the help of Prosper Lenders!

Interested in hearing more? I post details about my experience with Prosper on my blog athttp://mevsdebt.blogspot.com regularly. Stop by and check it out!