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<blockquote data-quote="h@ker" data-source="post: 1081" data-attributes="member: 6">Blogger Clayton Cramer paid down a charged up credit card with an interest rate of 18% by paying a family member instead of the bank:&nbsp; &nbsp; At the time, my sister Susan was getting 9% yield on her money market funds. She was looking for a better return, and I was looking for a lower interest rate. Voila! She loaned me the money at 14.5% APR. She was now getting a better return on her money; my minimum monthly payment dropped. But instead of paying it back to my sister over the same four year repayment term as my credit card, I doubled up the payments, and paid it off in two years. Susan was richer; I was less in debt.Looks like a lot of users over at the previously-mentioned <a href="http://lifehacker.com/software/personal-finance/lend-and-borrow-and-prospercom-154386.php" target="_blank">lending and borrowing social network, Prosper,</a> are taking just this approach.&nbsp; Check out the rest of Cramer&#039;s essay for more wisdom on accumulating some coin.<a href="http://www.claytoncramer.com/rich/BecomeWealthy.html" target="_blank">How To Become Wealthy</a><a href="http://feeds.gawker.com/~a/lifehacker/full?a=X9i0qD" target="_blank"><img src="http://feeds.gawker.com/~a/lifehacker/full?i=X9i0qD" alt="" class="fr-fic fr-dii fr-draggable " data-size="" style="" />&lt;/img&gt;</a><a href="http://lifehacker.com/software/saving-money/bypass-the-bank-for-a-lower-credit-card-apr-270391.php" target="_blank">More...</a></blockquote>

[QUOTE="h@ker, post: 1081, member: 6"] Blogger Clayton Cramer paid down a charged up credit card with an interest rate of 18% by paying a family member instead of the bank: [INDENT]At the time, my sister Susan was getting 9% yield on her money market funds. She was looking for a better return, and I was looking for a lower interest rate. Voila! She loaned me the money at 14.5% APR. She was now getting a better return on her money; my minimum monthly payment dropped. But instead of paying it back to my sister over the same four year repayment term as my credit card, I doubled up the payments, and paid it off in two years. Susan was richer; I was less in debt.[/INDENT]Looks like a lot of users over at the previously-mentioned [URL="http://lifehacker.com/software/personal-finance/lend-and-borrow-and-prospercom-154386.php"]lending and borrowing social network, Prosper,[/URL] are taking just this approach. Check out the rest of Cramer's essay for more wisdom on accumulating some coin. [URL="http://www.claytoncramer.com/rich/BecomeWealthy.html"]How To Become Wealthy[/URL] [URL="http://feeds.gawker.com/~a/lifehacker/full?a=X9i0qD"][IMG]http://feeds.gawker.com/~a/lifehacker/full?i=X9i0qD[/IMG]</img>[/URL] [url=http://lifehacker.com/software/saving-money/bypass-the-bank-for-a-lower-credit-card-apr-270391.php]More...[/url] [/QUOTE]

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