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If you’re making the minimum monthly payments on credit card debt, chances are you’re mostly paying the interest, and not paying down the actual principal by much. And if you miss payments or exceed your limit, your credit card interest rates can go up.
Replace your credit card debt with a consolidation loan through Prosper, where your interest rate won’t change and your loan principal gets paid down as you make fixed monthly payments.
While it’s true that you can’t borrow your way out of debt, consolidating all of your high interest loans into one debt consolidation loan through Prosper with a great rate could save on the amount of interest you’re charged on your debts each month.At Prosper, we understand the importance of maintaining the best credit score possible.In fact, some of our investors were also borrowers at one point and chose to consolidate their personal loans into one low interest monthly payment. And since Prosper offers access only to unsecured loans, you need not own your home for debt consolidation. With a debt settlement solution, a settlement company tries to negotiate with a consumer's creditors to get them to accept a pay-off amount that's less than what is actually owed.Creditors can and often do refuse to participate in such settlements, and debt settlement can also be very damaging to the consumer's credit rating with tax implications as well on the monies forgiven.