Medical debt plagues a large number of people on a daily basis. Aside from the fact that the healthcare system and insurance companies need a large overhaul, there are many other reasons that people wind up in medical debt and don’t know what to do. However, no matter how much debt you have or how you got into it, you need to know that you do have options for your debt relief, as long as you’re willing to invest the time and effort to look.
Reasons to Get Out of Medical Debt
- If left unpaid, your debt can grow due to interest and penalties. You could end up paying 2-3 times more for your debt in a year or two than you owe now.
- The economy is getting worse, and you might not have settlement options in the future. With so many banks and lenders needing help, it’s not surprising that lending is becoming scarcer. Debt settlement might end up being the same way, so you should take advantage of it while you can.
- Companies are waiting to help you, and they understand your situation. You won’t be banished from society for asking for help, and the companies aren’t out to get you. Their job is to help you, and that’s exactly what they want to do.
- So you can get on with your life. Having unpaid debts can cause stress and keep you from realizing your dreams in life. Taking care of those debts will allow you to get your financial security back and be able to chase your dreams.
- Because you can. Bankruptcy and doing nothing are not options when it comes to unpaid medical expenses. You need to take care of it by being proactive, and solve the problem before it escalates to the point of bankruptcy.
Guidelines for Help with Medical Debt
- Don’t transfer medical debt to a credit card
- Be proactive and stay on top of your bills
- Negotiate payment plans if unable to pay and/or work with credit counselors
- Look to charity organizations for help
- Apply for Medicaid
Options If You Can Pay
- Pay in Full or Larger Payments but Pay Less
- Debt Negotiation Services Specifically For Medical bills
- Consolidate Your Medical Debt With a Loan
Options If You Cannot Pay
- Contact Government Funded Organizations
- Contact Financial Aid Contact or Charities
Medical Debt Consolidation
Those who need help paying medical bills have several options other than bankruptcy. Unfortunately, a lot will depend upon the amount you owe, credit score, level of disposable income and your state of health. It is possible to settle medical bills through a Debt Management Plan, debt management program or a debt consolidation loan.
There are many different reasons that you shouldn’t wait any longer to clean up your medical debt. No one can tell you which options are right for you, either. You need to determine that for yourself, and make sure that you find a solution that suits your needs.