How do I eliminate $20,000 in debt (car payment and medical bills) when it seems like I make no progress?

Question

under current payment arrangements?

Answer 1

Pay more than was arranged. The amount in the payment arrangement is the minimum that you must pay, not the maximum that you may pay.

Answer 2

You need to put more money toward your debt. If you don't have the cash on hand, you need to reduce your expenses and/or increase your income.

If you write down every penny you spend for a month, and categorize it, you'll probably see places where you can cut spending and put the extra money toward your debt.

If you can't do without a car like the first answerer suggested, maybe you can replace it with a cheaper used car.

And there's often the possibility of getting a raise or a higher paying job.

Answer 3

Sell the car. Go to the hospital or doctor and tell them you can't pay the whole bill. Offer t pay 50% of it at once. They will counter with 75%-80%. Pay it with the money you got from the car.
In the future save fully 25% of every penny you get and do not buy anything on credit.

Answer 4

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html

Answer 5

well you can contact the hospital and have them set the payments for you and you car u can refi or get a credit card with lower % and transfer it ...Try sending litle bit more each month

Answer 6

Not much you can do about medical bills I guess. But do you really need that car? Could you not use public transport?