The graphic elves at peer to peer lender Prosper have put together an interesting infographic on fixing your debt problems.
Unfortunately it is true. Too many people in the United States (and some other countries) spend more than they can afford. The spending binge is inevitably followed by the payment hangover which is far less enjoyable than the first part of the equation. In the past most people would tough it out and pay off bursting credit cards over an extended period of time, enduring an elongated period of financial servitude tortured by usurious interest rates. You could always run down to your payday loans corner shop and sell your soul I guess. If you were lucky maybe a second mortgage on the house? Well peer to peer lending has arrived to fill this gap. Prosper is allowing the overspending types an option to pay off their debts in a far less painful process. With over $850 billion in national credit card debt and an average household credit card of over $15,000 – Prosper has a lot of work to do.