Has anyone on here consolidated their bills? Pros, cons, good companies, bad companies..... I have a co-worker that is asking around.
I have never done it, but have heard that it is a company that pools all your bills in one and you wind up paying even more, b/c now you have to pay interest to them. I am a Dave Ramsey fan, you ought to check out his website. He has a great simple get out of debt program. Notice I said simple, not easy. Depending on where your co-worker is, it could be a long hard road, but the steps to get there are simple. He always refers to consolidation firms as CON-solidation. Be very careful with this one! www.daveramsey.com http://www.daveramsey.com/article/the-truth-about-debt-consolidation/
I have told her about the Dave Ramsey approach and Suze Orman I like her show! I thought I had seen something awhile back about how those companies charged you so much more than what you owe.
She can do exactly what those "consolidation" companies will do herself for free. Tell her to save her money. 8)
We went thru our bank when we consolidated everything, you have to be very careful and be sure you are willing to do what it takes not to rack up the bills again. When we sent in our payoffs for the bills we sent in a letter to close the account and the other half of the credit card (if we had one). Never opened them again and still only have 1 cc thru the bank. It takes a lot not to open up accounts to get those discounts at the time, but its worth not having the interest later!! Tell your friend good luck!
