For some, debt is not accrued because they were careless with their credit cards or other loans. For some, debt is accrued because they fell into bad health and accumulated medical bills that they are having trouble paying. When this is the case, medical debt consolidation could be the answer because it combined all of these separate payments into one individual monthly payment.
Medical debt is different than most other debts because it typically arises from events outside of the individual’s control. Since this is normally the case, start with negotiating directly with the hospital. It is possible that they will have pity for your situation and allow you to have more time or lower interest rates.
If this does not work, the next best option is to see if you qualify for charity assistance, Medicaid, or other financial help debt consolidations. Medicaid and charity assistance can help families who are struggling with large amounts of debt and/or have a low income. All of these options will lower the overall amount that must be paid toward your debt.
Check which options are available for your situation. If none of these are for you, then you should look into consolidating your medical debts. This has become an increasingly popular option for people who have numerous monthly payments for their medical bills. Medical debt consolidation combines these numerous accounts into one monthly payment that is typically lower than all of the payments paid separately.
This debt consolidation involves you taking out a simple loan to pay off all of your debts, which allows you to deal with only one monthly payment. For someone who has a lot of different medical bills with varying interest rates and fees, this can make the process of bill paying both easier and cheaper. You would then have one single bill that will usually have lower fees.
Just remember when you are trying to manage your debt to look into all of the possible solutions. What is right for one person may not be right for everyone. Keep in mind that hospitals may work with you or specialized medical debt programs are often the best route because they will have sympathy. If these are not options for you, then medical debt consolidation is the way to go.
Ashley Russell is a North Carolina native, hailing from Kings Mountain. She is a diehard Carolina fan who loves to watch her team play in any sport—a Tar Heel born and bred. She loves to read and write in her free time. Since high school, she has known she wanted to pursue a career that involved both reading and writing. However, she has recently discovered a love for computers, so she also hopes to incorporate them into her career. She spends her free time tutoring k-5 students in reading and writing in the Chapel Hill area. She is a second-year captain of a Relay for Life team and a participant in Dance Marathon 2011. She is also the online webmaster for the Blue & White magazine based out of Chapel Hill.
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