Gigi, peroxide is good for fungal infections, but I'm not sure it's going to be very effective on mealy bugs. They have a waxy coating over them that protects them from a lot of chemical insecticides. What I use on mealy bugs is rubbing alcohol, either dabbed on with a q-tip, or wiped on with a paper towel.
You'll see right away that it melts the white fluffy wax on the mealy bugs and they dissolve to yellow mush. You have to keep treating for a week or two, to get them all because even if you get all the adults you see, the little crawlers, and eggs will persist and re-infest. So keep after them with a magnifier and your rubbing alcohol.
