Plus, debt consolidation loans through Prosper have a fixed interest rate, and your loan principal goes down as you make your loan payments—so you can stop your high interest credit card debt from spiraling out of control.
Prosper’s online electronic payment system lets you manage your entire consolidation loan directly and with ease.
But, as Mark Kantrowitz warns on USA TODAY, “variable rates have nowhere to go but up.” If you sign up for that low, low rate now, you risk committing yourself to rising rates for years to come. Typical student loan repayment terms range from 5 to 20 years.
When you consolidate privately with the Education Refinance Loan from Citizens Bank, you can consolidate both federal and private student loans into a new loan with your choice of either a variable or fixed rate.
Some spend more money on college debt than they pay for groceries, utilities, or in some cases, even rent.
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.