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Rebuilding After Surprise Medical Bill

September 23, 2026 We had a meeting with our financial coach Jake to see if refinancing made sense for us. Jake ran a bunch of numbers to see if any options could possibly save us money in the long run or cut back on our interest rates. Together, we landed on a plan:
  • We are getting a Summit Credit Union credit card, which has 0% interest for the first year. So, we are transferring our current credit card balance, which has around a 27% interest rate. Hopefully we will be able to get that paid off in the next year!
  • We are talking about refinancing our HELOC to include an unsecured personal loan. This loan was originally taken out to reduce our credit card balance with a lower interest rate but now isn’t helping us. Doing this should lower our total monthly payments.
  • We also decided that David’s car was also worth refinancing. Refinancing both the HELOC and car will also buy us a month when a few bills are not due. Since we just got a $2,000 medical bill to add to our expenses, this allows us to put a month’s worth of bills toward that.
With a solid plan in place, we are feeling a bit more optimistic going forward. Yes, the medical bill set us back and we had to go back-to-school shopping, which also ended up adding up. Even with these unplanned financial events, we were able to get through them without putting anything on credit. That alone shows we are making progress, because a year ago it would have just added to our debt. We’re so proud to be moving forward! You might also be interested in A surprise medical bill tested their budget, but David and Becky stayed on track with refinancing and a smart debt payoff plan... Becky and David's budget gets tested with something unexpected, but Project Money has helped them stay focused and move forward... Becky and David share how planning ahead for back-to-school costs helps them save, budget, and reduce debt... Becky and David share how extra income, lower spending, and family teamwork are helping pay down debt... A simple spreadsheet turned debt payoff goals into a realistic plan—and a powerful source of motivation... Cutting coffee and takeout helped David and Becky pay off a credit card and build momentum with smarter spending and better habits... From overwhelmed to hopeful, this couple faces their finances, cuts extra spending, and starts a plan to reduce debt...