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Debt Consolidation on medical bills

Me and my DH are about 2500.00 in debt from medical bills.We are considering Debt Consolidating them together into one payment every month.Anyone have any good suggestions on places to go through that don't charge a huge fee monthly?.One place we considered is wanting to charge us a $50.00 a month fee..Is that to high?.or is it the normal amount of a fee?

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amanda37860

Asked by amanda37860 at 11:15 AM on Oct. 6, 2008 in Money & Work

Level 2 (10 Credits)
Answers (5)
  • Yeah, that's too much. That equates to about 31-32% interest. Go to your bank and talk to them and see what options they can give you. You have a history with them, so they may have better options. Another option might be a balance transfer. If you have a credit card that has enough available credit on it, you might be able to do that with a low rate and a one time balance transfer fee. Sometimes they can give you blank checks to use to pay off anything. We recently did that with some of out debt, and now I'm not paying any interest because of a balance transfer option on a credit card.
    WadeMom313

    Answer by WadeMom313 at 11:29 AM on Oct. 6, 2008

  • You can also get lower interest loans for such things from Prosper.com
    customcat2000

    Answer by customcat2000 at 11:36 AM on Oct. 6, 2008

  • Customcat2000 I looked at that website u posted, it sounds wonderful!..have u personally tried it? known someone who has? It seems legit, I'm just worried about giving out my info online for something that seems to good to be true
    amanda37860

    Answer by amanda37860 at 12:01 PM on Oct. 6, 2008

  • Try Kimberly Credit (look it up online). My DH and I were over 20,000 in debt and we went through them. It took us 6 years to pay it off, but it was the best thing we ever did. As long as you make your payments on time you will have no problems. They even work with your creditors to lower your balance and/or percentage rate before coming up with a final amount. We paid $266 a month for this amount of debt. Hope that helps. The only downfall with Kimberly Credit is that they are in Florida and 3 hours ahead so if you need to call for any reason, it has to be by 2:00 PST.
    Anonymous

    Answer by Anonymous at 12:16 PM on Oct. 6, 2008

  • Call the people who you owe and ask them to put you on a payment plan. Most hospitals/ Dr. offices/ and insurance companies are willing to work with you as long as you pay them. However the down side is if you are late or miss a payment they ask for everything in full. We were in debt with a hospital after the birth of our son and then his surgeries and asked to be put on a payment plan of $75 a month and it made it a little more bareable. Just call who you owe and see if that is an option. People are willing to help!
    Anonymous

    Answer by Anonymous at 12:23 PM on Oct. 6, 2008

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