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Should You Cut Your Credit Card Debt With a Peer-to-Peer Loan?

There are new ways to keep from suffocating in a pile of plastic. Sometimes the old ways are better.
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About two in five American families can’t pay their credit card bills, carrying over a median of $3,800 a month, according to a 2015 Pew Charitable Trusts study. Many drag around far more debt than that.

An increasingly popular solution is peer-to-peer lending. Lending Club and Prosper, the two largest peer-to-peer lenders, are online platforms that directly connect debtors with investors. By cutting banks out of the lending process, they claim to offer lower rates and better terms to borrowers.