Dealing with unexpected medical expenses is a problem that many people in North Carolina face. Like a lot of families, you may not have enough savings or cash on hand to deal with such costs. Consequently, the bills often end up getting paid by credit card. According to NerdWallet, some companies have taken advantage of that fact and are now offering credit cards specifically for medical expenses.
You may be wondering how these cards differ from standard credit cards. Most come with a period directly after purchase where no interest is charged. This period can range to anywhere between six and 24 months. However, if you only make the minimum payments within that time frame, you will still be on the hook for the rest of the amount once the no-interest period is over.
More importantly, the interest on the charges is deferred, meaning that if a balance remains after the zero-interest period, you will have to pay interest retroactively. Therefore, if you do not think that you will be able to pay off the full amount in the allotted time period, a medical credit card may not be the best solution. You may be better off trying to negotiate directly with your health care provide for a reduced rate or affordable payment plan.
However, if after careful consideration, you do think that paying off your balance in the no-interest period is possible, a medical credit card may be a solution that allows you to spread out your payments and make them more manageable. This should not be considered legal advice and is provided as general information on this topic.