It was likely to happen eventually, four more of our loans on Prosper.com have defaulted. While the total loss was only of $287.7, its a bit disheartening to see the dollars evaporate into nothing.

Part of the reason for the delinquencies was that we specifically targeted risky borrowers in the hope of gaining a high return. We will probably continue to lend online, but will only lend to those with good credit. We are in the processes of pulling our money out of prosper and will likely be putting our money into prospers competitor LendingClub.com. LendingClub has stricter criteria for identity and employment verification and excludes borrowers with low credit scores.

Here are the bad loans:

Loan: Debt Consolidation and Unexpected Bills! (Loan #4171)
Charge-off date: Oct-28-2008
Charge-off balance: $62.15

Loan: Debt consolidation – relist (Loan #8628)
Charge-off date: Oct-28-2008
Charge-off balance: $51.40

Loan: Refocused and Ready To Go (Loan #13249)
Charge-off date: Oct-28-2008
Charge-off balance: $125.42

Loan: Debt Consolidation (Loan #16211)
Charge-off date: Oct-28-2008
Charge-off balance: $48.73

Thanks,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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