A post from Sean Bauer – author of The Complete Guide to Prosper.com
New York, NY (PRWEB) February 5, 2008 – With all the hype of a possible recession in the United States circulating, many people are taking a look inward and trying to get a grip on their financial situation. Unfortunately when they start to look at the real story, what they are finding is debt and a lot of it. The main culprit is credit card debt, especially among the younger generations in America.
With an average interest rate across all existing credit card accounts at 13.46% as of May, 2007 (Source: Federal Reserve), it’s no wonder that people who don’t pay off their cards each month are experiencing that sinking feeling. Without the cash on hand to clean up their balances, many people are turning to consolidation loans to lower their payments and reduce interest expense.
You may think that taking out more credit to save you from the credit woes that you already have is counterintuitive, but it just may be the saving grace that you so desperately seek.
However getting that consolidation loan may be harder than you think. With banks tightening their belts due to economic pressures and the rising rates of loan defaults, and the government asking you to spend your tax rebate to help stimulate the economy rather than pay down debt, you’ve got to take matters into your own hands. One way we found is with Prosper.com, a leading peer-to-peer lending site. Prosper can help you reach that goal of being credit card debt free.
Using Prosper.com for a consolidation loan allows you to make payments on the balancing owing over a three-year period. Your payments will never change, you won’t be charged interest on interest, and after 36 payments, your balance will definitely be zero.
The only risk is that a person who gets a consolidation loan has to be disciplined to close their credit card accounts after consolidating them, or they may end up in bigger trouble than ever.
For more advice on managing and reducing your debt load and strategies for creating the best possible listing on Prosper.com, you can check out my book – The Complete Guide to Prosper.com. With the advice and easy-to-follow instructions provided in this valuable new book, your consolidation loan listing can be fully funded within seven days. To find out more about me click here:
Sean Bauer is a borrower, lender, and group leader on Prosper.com. He is also a member of the American Finance Association and former winner of the Finance & Credit Competition in Ohio. Sean has personally borrowed and lent over $25,000 using the Prosper.com marketplace.
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