Is it worth doing a Consolidation for Small Debt?

Question

I am 33 and married for one year. I have about 2,000 in Medical Bills and 1,500 in Credit Card Debt. I have RA, so I am certain more Medical BIlls to follow. It gets difficult to pay al the bills on time. Any feeling about a consolidation?

Answer 1

How will consolidating them into one bill help?

Call all of them and work out a payment plan and try to get your interest lowered or stopped.

Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.

You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control.  Take a sandwich for lunch.  Cancel the gym membership.

Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.

Go to the library and get "The Total Money Makeover". Read it and follow it carefully.

Go check out Dave's website as well.  Yahoo is blocking his site again, so take out the spaces in the following:

www. Dave ramsey. com

Answer 2

consolidation will work. But the key to your consolidation is that your loan is an open end loan, a loan that you can  not only withdraw funds but as well as deposit funds any time.begin to use your line of credit as a checking accounts. If you are not sure, you need to see how this can positively benefit you now and in the the future, visit u1stfinancial.com and email me when you got the concept.