“Dear Steve,
My husband and I have about $30,000 in credit card debt on 4 credit cards. We’ve had a couple of slightly late payments, and our interest rates are very high 24-29%. We would like to be able to buy a house in 3-4 years and are trying to save a down payment. At this point, we are able to make our payments, and have been paying down the debt a little, but it’s going so slowly due to the high interest rates. Our credit score is quite good, but we have a lot of debt.
What can we do to reduce our interest rates and get our debt paid off more quickly without affecting our credit score?
Bridget”
Dear Bridget,
You have two options. The first would be to call your creditors and ask (beg) for rate reductions. Good luck with that.
The second logical approach would be to look at the peer-to-peer lending group, LendingClub for a fixed rate, unsecured, debt consolidation loan. Based on your credit score the rate may be very low.
I think the limit on LendingClub.com loans is $25,000 but that would sure go a long way to addressing this situation. Check it out and let me know what you think.
Please update me on your progress by
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