Medical expenses can come out of nowhere and compromise your entire budget. Because medical bills are due at time of service, your medical provider is not required to negotiate with you if you cannot make the full payment up front. When paying up front is not an option, it can be even more difficult to decide how to handle these new bills in addition to your regular monthly expenses. Some people are able to come to an agreement with their medical providers, which allows them to pay their bills with a monthly payment that satisfies their providers. Other times providers demand payment in full and if you can’t pay will send creditors after you or begin to take legal action against you. When faced with the added expense of going to court you might consider getting a consolidation loan to pay off your medical debt.
Consolidating your medical bills can make paying off these unexpected expenses easier:
Using a loan to consolidate your medical debt might not be the way to go. Read more to see if your situation does not merit consolidation:
Other options for paying off your medical bills include Consumer Credit Counseling and Debt Settlement. Consumer Credit Counseling can help you get a lower interest rate, but your monthly payment will usually remain the same. Debt Settlement works to reduce your balance and can help you pay your debt off sooner, but it can also negatively impact your credit. When examining your options, be sure to ask about all fees and charges attached to the services you are requesting. Check the companies that you’re shopping online to see how other customers feel about their service. Because you’re already in a tight spot, find the option that will improve your financial situation instead of making it worse.