Credit Crisis Solution Arises From Unexpected Source

March 4, 2008 - PRLog -- 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.

They may think that taking out more credit to save them from the credit woes that they already have is counterintuitive, but it just may be the saving grace that they so desperately seek.

However getting that consolidation loan may be harder than one thinks.  With banks tightening their belts due to economic pressures and the rising rates of loan defaults, and the government requesting that the tax rebate is spent to help stimulate the economy rather than pay down debt, consumers have got to take matters into their own hands.  Prosper.com, a leading peer-to-peer lending site, can help them reach that goal of being credit card debt free.

Using Prosper.com for a consolidation loan allows individuals to make payments on the balance over a three-year period.  Their payments will never change, they won’t be charged interest on interest, and after 36 payments, their 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 debt load and strategies for creating the best possible listing on Prosper.com, check out The Complete Guide to Prosper.com by Sean Bauer.  With the advice and easy-to-follow instructions provided in this valuable new book, a consolidation loan listing can be fully funded within seven days.

To celebrate the launch of this book, Sean Bauer has arranged for one day only a special bonus package that buyers of The Complete Guide to Prosper.com will receive if they purchase the book on Amazon.com on Thursday, March 6th, 2008.  This includes over $950 worth of products, advice, and tools from leading financial and business experts.  On March 6th visit www.prosperbook.com/specialoffer.html and escape the seemingly endless black hole of credit card debt once and for all.

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ABOUT SEAN BAUER

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. You can duplicate Sean's success by following the knowledgeable advice contained in The Complete Guide To Prosper.com.

Website: www.prosperbook.com