Many individuals in Tennessee and elsewhere have experienced an unexpected medical emergency at some point in life. With the high costs of treatment, a similar event can be financially draining and can leave a person in search of relief through a variety of outlets. Some may even feel that paying the bill with a credit card is a viable option, but mixing medical and credit card debt can be a disastrous combination.
While placing a hospital bill on a credit card may appear convenient at the time, with high interest rates on many credit card accounts, a similar decision could end up causing deeper concerns in the future. There may also be other options for those who can’t afford to pay for treatment. Some patients may be eligible for financial assistance, or they might even be able to negotiate payments with lesser interest rates with the medical provider.
In addition, medical debts might not have the same impact on one’s credit score as a past due credit card account. In some cases, it can take up to 180 days before a past due medical debt is included on one’s credit report. This could allow a person time to catch up on payments, or to make other arrangements, whereas a credit card account could be sent to a collection agency after 30 to 60 days of becoming past due.
In times of emergency, a person may be left scrambling to cover the expenses that can accompany a need for medical care. However, using a card to pay for treatment could leave a person facing substantial amounts of credit card debt. When experiencing significant financial hardships, a person in Tennessee could find it advisable to speak with a bankruptcy attorney for assistance in pursuing relief from debts and advice on how to work back toward a healthier financial future.