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Where Can I Go to Get a Consolidation Loan With a Better Interest Rate? – Jennifer

“Dear Steve,

Citibank MasterCard increased my interest rate to 19.99% from 14.99% in the summer. I have a balance of $6,000 now. I have always tried to pay twice the amt due. Since my rate increase my debt is increasing. I have paid $1200 in the past 6 months and have not seen a significant decrease in the balance. They are going to increase the interest rate to 25.99% on Dec. 30,2009. I am desperate. I am also paying back student loans.

What can I do to get this balance paid or get the interest rate lowered. I need help desperately. Thank you for your advice

Jennifer”

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Dear Jennifer,

Oh I do love easy questions and the solution to this will be a cinch.

I personally think the best place to go to get a lower interest fixed rate loan is LendingClub.com. Lending Club is a peer-to-peer lending network where people like you and me lend to people like you and me.

Of course the interest rate will depend on how good your credit is but it sounds like yours is probably good.

At the very least, go to the LendingClub.com site and inquire about what your rate would be.

I’ll make you this offer, if you do decide to go that route, let me know how to find your loan request when it is posted and I will personally be one of the investors that will fund part of your loan. I’ll put my money where my mouth is. Fair enough?

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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