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Michael D. Hart, P.C.
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Three options for keeping medical debt off credit cards

When looking at the statistics, it seems that Virginia residents have more money to spend on purchases and savings. Since the year 2009, the median household income has gone up by 30%. While this rise in income has its benefits, medical costs are actually growing faster than income. They have gone up by 33%. Americans may wonder how they can avoid putting medical costs on their credit card since interest rates can be so high.

After a person has been hit with a medical bill that they cannot afford, they may want to ask if a payment plan is available through the doctor or hospital. Sometimes, health care providers will offer monthly payment plans that do not include fees or interest. It is good to understand the difference between payment plans and medical credit cards. Medical credit cards need to be paid in full by a certain date before the individual is charged interest.

Credit cards should only be used as a last resort. They are a good option for short-term financing, like less than one month. If a person is not able to pay their credit card in full before the payment due date, they can find themselves dealing with incredibly high fees. If a credit card is the only option, applying for one with a zero percent promotional interest rate may be a person's best option.

Health insurance can help a person to avoid expensive medical bills. Of course, insurance can be expensive. However, individuals who have suddenly become ill or injured have found that it is more expensive to live without insurance. Getting health insurance through a job is usually the most cost-effective.

A large number of individuals who seek bankruptcy have to do so because of medical bills they are unable to pay back. An individual who is interested in filing Chapter 13 bankruptcy could discuss their situation with an attorney. The attorney may help them file the appropriate paperwork and answer questions they have about the bankruptcy process.

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Michael D. Hart, P.C.
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Roanoke, VA 24011

Phone: 540-627-6520
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