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Marcus provides a new option for consolidating credit card debt

Renowned investment bank Goldman Sachs, which has been rebuilding since the financial crisis of 2007 through 2009, is expanding its product line into online consumer lending with a new business called Marcus. Marcus, which was launched this month, targets people who are overwhelmed with credit card debt.

The new business is being marketed as a "simpler solution" for consumers than getting yet another credit card to consolidate their credit card debt. Marcus allows consumers to get uncollateralized fixed-rate loans of as much as $30,000 if they meet the designated credit requirements. There are no fees and customers can set their own payment dates.

Marcus was developed based on input from consumers about their frustrations with their credit card companies and other lenders. These included changing interest rates, hidden fees, inflexible payment options and the inability to reach live customer service reps when customers needed help. The company says it will continue to make changes to the product based on customer feedback.

Goldman Sachs has made other forays into consumer banking since the financial crisis. It earlier purchased GE Capital's online bank.

This may be a good option for people who want to consolidate their credit card debt. As with any consumer lending product, it's essential to read the fine print and be aware of interest rates and all potential fees. However, for some people, finding another place to park their debt simply leads them to take on more.

If your credit card debt is overwhelming, it may be wise to consider options such as personal bankruptcy that can help you get a fresh start. An experienced Pennsylvania bankruptcy attorney can discuss your options with you based on your specific circumstances.

Source: Fortune, "Goldman Sachs Is Now Taking on Your Credit Card Debt," Oct. 13, 2016

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