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Ways to keep medical debt off credit cards

| Dec 15, 2019 | Medical Debt |

Many North Carolina residents are benefiting from rising income rates. While the national median household income has gone up over the last decade, by 30%, medical costs are rising too. Since the year 2009, they have gone up by 33%. Here are a few steps individuals can take to prevent credit card debt after a health scare or hospital visit.

Hospitals and private practices may offer monthly payments that are without interest or fees. A payment plan may be arranged through the provider. This option is not the same as getting a medical credit card. When a person has a medical credit card, they usually do not have to pay interest to the issuer for at least a year. However, they can be hit with serious fees if they do not pay it off by that time.

Credit cards are not a good option for carrying long-term debt. They may help a person get the short-term financing they need to pay for medical costs. However, if an individual cannot pay them off by their due date, a personal loan that has a low interest rate may be a better option.

Credit card debt is crippling the finances of many Americans. If individuals can take steps to quickly reduce their balances, they will be able to save money on interest, which means that they can have more money for savings and to cover medical costs.

Individuals who are dealing with medical debt may be interested in learning about bankruptcy. A lawyer could examine a person’s circumstances and let them know what options they have available. Legal counsel could also help them fill out the appropriate paperwork and walk them through the steps that are needed to eliminate debt in this way.