Visual editor not saving data

I want to replace default html textarea to visual editor.
Textarea code:

<textarea id="description" value="<?php echo esc_attr( $description ); ?>" name="description" type="text" placeholder="<?php esc_attr_e( 'Insert Description', 'eventlist' ); ?>" class="description form-control input-md "><?php echo esc_html( $description ); ?></textarea>

I changed this code to:

                    $settings_editor = array(
                        'textarea_name' => 'description',
                        'media_buttons' => false,
                        'textarea_rows' => 5,
                        'default_editor' => true,
                        'editor_class' => 'description'
                    );
                    wp_editor( $description , 'description', $settings_editor ); ?>

Wysiwyg editor is showing. In text mdoe new data is saving but not in visual.