Medical debt is a heavy weight on many households around the country. Medical debt is often not something that can be predicted or planned for and with medical insurance as fickle as it is, you never quite know the burden you are going to be left with. While, medical debt can be bankrupted, it’s important to try to find alternative ways to deal with it to avoid extreme financial decisions, like bankruptcy or garnishments.

Debt consolidation is just one way to work with medical debt and find a way to pay it all without defaulting and causing major financial repercussions. Debt consolidation works by working with a debt consolidation company who can offer you a loan to cover the cost of all your medical bills and leave you with only one loan with one monthly payment and one interest rate. This can often bring instant relief from harassing phone calls and letters, as well as relief from the high multiple monthly payments you are likely making to keep up with your medical debt.

Debt consolidation companies can be found online and in physical financial institutions. When looking for a debt consolidation company it’s vital to take the time to do ample research about the companies you are most interested in to make sure you are working with a credible company with quality loans and staff. While, there are more regulations surrounding debt consolidation and credit counseling companies, there are also still many fly-by-night companies taking advantage of people everywhere. Take the time to look at the web site of the debt consolidation company you are most interested in and there should be ample information on the web site about the business, the people who work there, the services they provide and other information. Look specifically for full contact information including a physical address, authentic customer testimonials, certifications for the company and the financial advising staff and information about fees for their services. You should never be asked for money before the services are completed, but you should know what to expect to pay for the services they are offering. They should also completely inform you of the work you can do on your own and the laws surrounding debt consolidation and credit repair.

Before you approach a debt consolidation company to be matched with a loan, you need to know and understand the level of medical debt you are dealing with. To do this pull out all your medical bills and credit report (for past bills) and make a list. For each account you should list the creditor, creditor’s contact information, current balance, interest rate and what you are currently paying per month. This will help you understand how much you have been paying monthly to try and keep all the accounts at bay and see your average interest rate, so you can shoot for lower numbers on both parts when you are shopping for a debt consolidation loan. The hard part comes next, you need to add it all up and write it in large numbers on top of the list. This can be intimidating, depressing and just plain hard, but the first step toward taking control of your medical debt is through facing it head on with honesty.