Using a credit card to pay for medical debt could prove costly
A medical emergency can take place without a moment’s notice, and the costs of treatment can leave a person in Tennessee facing dire financial straits. Individuals who are left scrambling to cover financial obligations may feel as though a credit card may provide them with relief. However, using a credit card to pay for medical debt might not be advisable, and there might be other options that could help a person avoid a potentially disastrous situation.
Although at first glance, a bill for treatment can seem exceedingly intimidating, one might not have to pay the full amount up front. Individuals who are forced to undergo treatment may be able to reach an agreement to pay for treatment over a given period. In addition, one could inquire about the possibility of outside help in covering the costs of care, whether through charitable funding or a nonprofit organization.
In some cases, those who are experiencing financial struggles may be able to negotiate a lesser payment amount. One could also consider taking out a loan to help cover the bill. However, while taking out a loan might be more favorable than paying for treatment with a credit card, it could still leave a person facing significant monetary concerns, and exploring each available option before deciding on a path is advisable.
Medical debt remains a serious concern for many individuals. Those who struggle to get by due to substantial amounts of debt may find it advisable to seek guidance on their available options from an experienced attorney. A bankruptcy attorney in Tennessee can examine a client’s circumstances and assist him or her in forming a strategy to reduce or eliminate debts and work toward a healthier financial future.
Source: wisebread.com, “5 Alternatives to Charging Your Medical Bills“, Kat Tretina, Accessed on April 10, 2018