The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
In December 2014 I finally made myself take a hard look at my finances, and my credit card debt was worse than I had even realized. I owed a total of $12,000 on my credit card, even though I'd only use them in emergencies, I just could not get ahead in terms of payments. I have a full time job that I work very hard at, a Master's degree that I owe a lot of student loans for, and very little time for a second job. I was looking around my life for assets that I have that I can utlize; I don't have time for a second job, I don't own a car - but I down own my condo, and it is located in a very cool neighborhood. So in January 2015 I read everything I could on Air BnB, prepared my place for guests and in March opened my home for the first time. I've been hosting on Air BnB for 3 months now and have been able to pay off almost completely one of my credit cards with the highest interest rate. It's only been a drop in the bucket of my credit card debt, but in using the one asset I do have access to, I am making progress and feeling like I can finally get myself out of this financial hole. It will still take some time, about 3 years, till I will hopefully have the entire debt paid, but Air BnB is allowing me to move forward with this goal. I am being financially responsible, meeting very interesting people, and take great pride in the positive reviews from guests who stay at my place. It's had a real financial impact on my life.