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March 2019 Archives

Medical debt piles up on insured persons without relief in sight

Tennessee residents are struggling with medical bills and insurance coverage in the same manner as their counterparts throughout the country. A shocking and demoralizing aspect of medical debt these days is that even if a person or family has medical insurance, he or she is likely to be burdened with surprise bills that are not covered by insurance. Many surgeons, for example, practice independently and don't recognize or participate in various major insurance plans.

Credit card debt and 90-day delinquencies reach record levels

The popular perception in recent years has generally been that the credit card debt load of consumers was under control. The bankruptcy numbers were down, the recession ended, and the prior dramatic reports of a credit card crisis were at a standstill. Recent data from the Federal Reserve, however, reveals that U.S. credit card debt hit an all-time record high of $870 billion as of Dec. 2018, a trend reflected in Tennessee as well as most other states.

How bankruptcy can eliminate medical debt

Suffering a serious injury or dealing with severe illness is devastating on its own. The high medical bills you receive as a result of diagnosis and treatment only exacerbate the stress. You may not have any idea about how to afford these skyrocketing medical costs, especially if you are experiencing lost income or reduced credit availability.

A HELOC may manage credit card debt but caution is advised

Many residents of Tennessee continue to confront debt management problems with respect to credit cards. One problem is that the interest rate and fees imposed on credit card debt is some of the highest debt that one can take on. Due to the expensive cost of that kind of credit, some people have transferred their credit card balances over to a home equity line of credit, or HELOC. This debt relief remedy can substantially lower the amount of interest that one pays on the borrowed funds.

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