Consolidating medical bills
These companies can negotiate with your creditors (hospital, doctor's office, or collection agency) to potentially settle for a lower amount and set you up with reasonable payment plans or payment plan you can afford.
These programs work by saving you thousands (without harm to your credit) and you pay a fee for the saving.
Unless you have successfully challenged your bill, you are responsible for paying all of your medical bills.
If you cannot pay, here are some things to consider.
Another way to consolidate your medical debt is by signing up with a Credit Counseling or Debt Management Company like us.An unsecured loan is a loan in which the bank has no collateral in case you fail to repay.Therefore, a secured loan (refinance, home equity, loan against your 401k etc) usually carriers a much better interest rate. The lower your credit score, the more likely you are to obtain a higher interest rate.However, it can be beneficial in lowering your monthly payments so they are more manageable.However, realize a loan usually results in your paying more principal in the long run because your payments are lower.
In summary, debt consolidation, when it matches your needs, can be a viable option for medical debt.