Lending Club Blog

Person-to-Person Loans, Debt Consolidation and Happiness

I’ve touched on the subject of money and happiness in a few prior posts. Specifically, in my post The Link Between Money and Happiness, I discussed research that showed how financial situations might affect the amount of happiness that more money can buy. A new study looks at the physical reaction that accompanies the worth we associate with a purchased item.

The research was reported on MSNBC in this article. The main conclusion of the study, released in Proceedings of the National Academy of Sciences, is that the more we believe an item is worth, the happier we are with our purchase. While this is certainly an argument in favor of indulging in extravagant purchases, the research also suggests that the happiness is very short-lived.

This reminds me of something I often think of when traveling by plane. Doesn’t it seem that first class airline passengers are super smart and worthy of our jealousy as we board an aircraft? I usually think so for most of the flight. Then, as landing approaches, my philosophy suddenly changes. As soon as the wheels hit the ground, I begin to regard those in the first class section as suckers who paid significantly more than I did to get to the same place at the same time. My point is that perceived value and worth can quickly erode, while bargains and frugality tend to bring a more sustainable and lasting happiness.

If you want to do something clever with your finances that will bring you long-term happiness, consolidate your debt with a low rate person-to-person loan from Lending Club. With minimal effort, you can make a change that will likely bring continued financial prosperity for years to come.

Friday, January 25th, 2008 at 6:38 am

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