Question: If the debt consolidation loans are only for credit cards, why don’t you put the medical bills on the credit card and then consolidate? If you’ve got the ability to do a home equity loan or line of credit, the rates are much lower than credit cards or debt consolidation loans and the interest is (usually) deductible. You could charge it to the credit card and then pay it off with the home equity loan.

Answer: Honestly, you can’t borrow your way out of debt. Taking out a personal loan to pay off other things will only postpone your debt and move it from one place to another, it won’t get rid of it.

First, as far as the medical bills go, call the doctor or hospital or whoever the bills are from. Ask them if you can set up a payment plan with them. Years ago when I had a hospital bill that wasn’t covered by insurance, I called the hospital and they told me that as long as I made a payment every month, I would be okay…they just wanted to see that I was paying something. Your particular doctor/hospital might not have this same attitude, but it is definitely worth asking.

Also ask them if they can give you some % off (specifically, can you pay a lower negoitated rate that they typically offer to insurance companies).

If that helps, pay the minimum on those bills that you can and try to eliminate as much of the credit card debt as possible ASAP, since that most certainly will be at a higher % interest rate.

Next, if you are in any way physically able GET A SECOND JOB. Even if it is a minimum wage job that pays only $5. per hour and you can only work 15 or 20 hours per week (at night, on the weekend, on holidays etc) that would be a couple hundred bucks a month that you can use to reduce your debt load.

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