loan to pay off credit (and make home improvement)

Hi Terry, Are the loan companies (like best egg or my prosper) a good way to consolidate and pay off credit card debt? I want to pay off my cards completely and make a home improvement but really don’t know how reputable they are They are offering about 10.99%
Thanks

Terry Says:  OK, this is a “trick” question!  You ask about these peer-to-peer lending companies, but that’s not the real question I want to address.  So let me answer the question I see, which is:  Can you afford to borrow more?   And the answer is NO! 

Your first issue is to pay down your existing credit card debt.  Consolidating through these companies — even at a lower rate–is not the answer to your problem.  There is a simple formula for paying down credit card debt:

Take the current minimum monthly payment and double it.  Then pay that amount this month — and the same amount every month (although the new minimum payment will be lower next month) –and DO NOT CHARGE ANOTHER PENNY on that card, and it will be paid off in less than three years!!  No matter how much you owe!

I know that is NOT what you wanted to hear.  But from me you get only the Savage Truth!  You cannot afford to take on MORE debt to do a home improvement until you pay off your current debt!  And moving things around to justify borrowing home improvement money now is a lot like moving your peas  around the plate to hide them under the mashed potatoes when you were a kid!  They’re still there!  Deal with them — the peas and the current debt!