When people have financial struggles, it is often for reasons beyond their control, such as a medical emergency or loss of a job. An unexpected illness or surgery can result in medical debt that a person cannot effectively manage on his or her own. As a result, a Tennessee adult may end up depending on credit cards simply to make ends meet or make payments on hospital bills. For many people, medical debt and credit card debt go hand in hand.
Estimates suggest that as much as 33% of credit card debt is medical bills. Of the people who are using credit cards to make payments on their medical bills, around 60% say it is because they have no other choice. If a person is juggling these types of payments, it can snowball and add up quickly, resulting in an overwhelming debt burden they can no longer manage.
It some cases, a person may be able to renegotiate bills with the hospital. This can make payments more manageable and allow a person to pay off the balance sooner. Others may find it beneficial to transfer their credit card balances to a card with lower or zero percent interest. There are also specific credit cards only for medical expenses, and they have interest free options as well.
Both medical debt and credit card debt can be difficult to manage. If a Tennessee consumer finds that he or she has no way out from the current financial situation, it may be beneficial to consider the benefits of a bankruptcy filing. This step can allow a person to discharge certain balances and emerge from the process to a better financial future.