I am about $500 in debt. All which comes from different companies. I owe the electric company, gas company, IRS, and the bank. $500 is not bad considering there are people who owe thousands. But as we all know this amount will grow over time once the accounts incur late fees and collections charges. I just want to know how do I bring it all together as one bill a pay it off so no charges are added.
2007-10-30 03:43:35 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Get a bank loan, pay your creditors with the money they give you.
Now you only have one bill, but it is larger because of the loan fees and interest.
Debt consolidation is usually a no-win situation
2007-10-30 04:02:57 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
Even if you could get a loan to pay all the bills off, it wouldn't be without charges, since you'd pay interest and probably fees on that loan.
You're right, $500 isn't much compared to what some people owe. Call the utilities and tell them you can't pay it all, then pay them a small amount at least each month.
2007-10-30 10:59:16 · answer #2 · answered by Judy 7 · 0⤊ 0⤋