Read more: Local, Show Me The Money
If you owe a lot of money on your credit cards, you're probably paying a lot on interest.
Well, I've found a way you can pay off that debt faster and save thousands of dollars on the interest.
At a time when credit is hard to come by, more Americans are turning to a new source for money -- each other.
It's called person-to-person lending.
Those with some money are now able to loan money on web sites, like LendingClub.com and Prosper.com, and offer loans at a much cheaper rate.
For example, if you owe about $5,000 on your credit card, making those minimum payments at an interest rate of 30 percent will take you about 15 years to payoff and you will have paid $7,012 in interest.
However, if for this same amount you took out an online loan at 10 percent and paid the same minimum amount, then it would take you about 8 years to pay it off and the interest would be $1,182.
That's a savings of $5,830.
If you have tips on how to save money or a story idea for Romeo Cantu, you can contact him at:
ShowMeTheMoney@kgbt4.com
