Comments on: Uncrunch America with Change.org

By: LornaM

LornaM — Sat, 10 Jan 2009 23:05:52 +0000

Agree with Matt SF.

Creditworthy borrowers should not be impacted by the credit crunch caused by greedy bankers and stupid subprime people who knew nothing about what they were getting into.

Even more, creditworthy people SHOULD not pay higher interest rates in their credit cards or other loans to compensate mistakes of others.

Obama should know about this idea. Vote:
http://www.change.org/ideas/view/solving_the_credit_crisis_from_the_bottom_up

By: LornaM

LornaM — Sat, 10 Jan 2009 23:00:37 +0000

Agree with Matt SF.

Creditworthy borrowers should not be impacted by the credit crunch caused by greedy bankers and stupid subprime people who knew nothing about what they were getting into.

Even more, creditworthy people SHOULD not pay higher interest rates in their credit cards or other loans to compensate mistakes of others.

Obama should know about this idea.

By: Steve Rabago

Steve Rabago — Tue, 06 Jan 2009 01:08:29 +0000

There is another option to taking action.
ZimpleMoney’s web product enables people or organizations to make and manage direct p-2-p loans. ZimpleMoney is focused on “naturally” occurring networks like family, friends, churches, schools, organizations, non-profits, charities and foundations. ZimpleMoney sends bills, receive and distribute payments, post to loan ledgers, sends late notices, sends alerts as to the status of billing and collection process and provides tax records. We also provide a digital document management tool to upload files. Take a look at our site at http://www.ZimpleMoney.com Zimpley, Steve Rabago, ZEO ZimpleMoney

By: Matt SF

Matt SF — Fri, 02 Jan 2009 17:34:28 +0000

@ Mr. TML and Doctor S,

While I agree 100% with both of you that credit for businesses is a good thing, I do think that some credit should be expanded for worthy borrowers. These would be folks who didn’t gag themselves on cheap credit when it was available and have a credit score > 700.

Some of the borrowers actually go to sites like Prosper or Lending Club to specifically sidestep the major credit card lenders b/c they can get a much better rate and they want to give money to real people instead of big business. Many in this segment of borrowers can get personal loans in the 5-7% range, versus paying a double digit interest.

As you can probably discern, I’m a lender at Prosper. When done correctly, it’s very profitable.

By: Doctor S

Doctor S — Fri, 02 Jan 2009 17:12:37 +0000

I think its tough to get consumer credit b/c too many people messed up with it. I agree with Mr. TML, making more credit available for all scales of business is a great idea. I really do think this group is a great idea and has a great purpose and looking forward to seeing more of the details.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Thu, 01 Jan 2009 04:11:13 +0000

If change means more credit available to business, I’m all for it. If you are speaking of re-opening the free flow of consumer credit, count me out. Perhaps change.org could support a campaign for once and for all curing American consumers of their credit addiction?

By: Matt SF

Matt SF — Wed, 31 Dec 2008 22:49:45 +0000

Pretty cool idea… I knew social lending was going to be big but didn’t think it would hit the political scene.

Perhaps this could expedite Prosper’s silent period???

By: Kenneth Lin

Kenneth Lin — Wed, 31 Dec 2008 21:43:53 +0000

This is a great idea and shows how everyday people can contribute to solve a greater problem.