A Clever Trick For Consolidating High Interest Credit Card Debt – Peer to Peer Lending/Borrowing

Drowning In Credit Card Debt?

More and more people are rushing to peer-to-peer lenders as a way to consolidate high interest credit card debt. It’s a clever trick for sure, but you need to know what to expect or how to use it.

Here’s a few helpful facts & tips:

Why People Are Consolidating Their Credit Card Debt
Credit card debt is a heavy burden to many consumers due to the fact that it’s a high interest rate loan. Sometimes up to 18% or more. By paying this off (i.e. your credit card balance) via a low interest rate personal loan, you can significantly ease your debt burden since you’ll be making lower monthly payments. Well, it used to be an easy thing to do, but lately it hasn’t been that easy BECAUSE:

Your Local Bank Won’t Easily Lend You A Personal Loan Anymore
The U.S. economy the past few years have been tight. Good luck borrowing a nice-sized personal loan in today’s economy and with less than perfect credit. Not to mention the waiting time of weeks or even months to get approved for a loan. Debt settlement and consultation services allow you to cut thru all that redtape. It’s a much more lean & efficient machine with less overhead. Much less. No bank buildings with hundreds of employees required. It’s all done online. Not to mention, it’s much easier to consolidate your debt into lower interest rate payments. bank.

Can This Make My Debt Disappear?
Let’s be dead honest. Other than filing for personal bankruptcy, nothing will make your debt disappear like magic overnight. But what this will do – if done wisely – is to help reduce your debtload as mentioned above. Lot’s of folks are doing this successfully.

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Bottomline
**ADVISE #1 – My Deadhonest Tip/Advise if you’re in a really serious financial bind and need immediate emergency help: The very first thing I’d do is to try to work directly with your creditors to negotiate a lower payment plan. You’d be surprised how many creditors are open to help you out. (They’re not gonna bite your head off). But in case they won’t help, then you may have to go thru a nonprofit org like nfcc.org (credit counselors) and have them negotiate for you. These nonprofit outfit usually work closely with your creditors and 3 credit reports agencies. (Heck, to begin with, these nonprofit orgs were usually set up by your creditors and/or the credit card associations in order to help you out! The logic being that your creditors will continue to receive your monthly payments even if it’s significantly reduced, as opposed to getting nothing if you filed for personal bankruptcy.).
**ADVICE #2: My Personal Rant about most of these so-called “debt consolidation services” you see out there (read: scam). They prey on people who are in a desperate financial bind. They promise to make your debt disappear by waving a magical wand (but like I mentioned earlier, nothing will do that other than filing for personal bankruptcy.). They charge you a large upfront fee and never deliver what was promised. Those type of “services” you wanna avoid like the plague.)

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