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Debt consolidation popular among peer-to-peer borrowers
12/08/2009
A recent report from a peer-to-peer loan company shows that a number of consumers are looking for debt consolidation opportunities.
According to Prosper.com, 54 percent of borrowers who went to the website in November got debt consolidation loans. Other popular reasons included business loans (14 percent) and the general category of "other" (17 percent).
Chris Larsen, CEO and co-founder of Prosper, said this was the second month in a row where most borrowers were looking for debt consolidation opportunities.
"The fact that getting a peer-to-peer personal loan for debt consolidation has spiked for high credit score people who are consolidating credit card payments at a lower rate indicates that consumers are looking to get out from under their increasingly untenable variable credit card rates," Larsen said.
Many consumers may consider pursuing debt consolidation when trying to deal with the amount they owe on their credit cards. One of the advantages of debt consolidation is that it can often offer a better interest rate than consumers may currently have on their credit card debt. It also makes paying off debt easier through collecting what a person owes into one bill.
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