How can a Debt Management Program Help you Get rid of your Medical Bills

    0
    37

    Due medical bills as well as medical debt collection is a great problem for several people. Even those who don’t hold any issue with debt or any other accounts of collections can experience problems with medical debt. In fact, as per the CNBC reports, the due medical bills are the major cause of bankruptcy applications in the United States.

    If you’re facing similar issues with unpaid medical bills, the details below can help you acknowledge your debt relief options and how can you roll the bills into a debt management program along with other debt issues like credit card.

    490928705-612x281 How can a Debt Management Program Help you Get rid of your Medical Bills

    Why medical debt holds a big impact

    With other types of debt, it is impossible to ignore the reality that the expenses are because of you. Medical debts are a little tricky. If you misinterpret or misread correspondence from the hospital where you were admitted, it may happen that the debt enters collection without you being aware of it- till you go and apply for loan.

    One thing to be kept in mind is that medical debt collection is filed to the three major credit bureaus like other collection agency. As collections account for a negative pointer on your profile, it can decrease your credit score. A medical debt collection account stays on the credit bureaus for almost a period of 7 years.

    Can you consolidate medical debt?

    Medical debts are consolidated for some cases, but it completely depends on the debt specifics and the consolidation method you’re using.

    For example, if you’re choosing a DIY consolidation approach, medical bills can only be consolidated in one way, while for the other methods it is not possible. Take a look:

    • If you go for a personal debt consolidation loan, you can get a low rate of interest to clear out all your arrears debt. This way, you can keep that money where you want, so your medical bills are cleared off.
    • And, if you’re consolidating your credit card debt with another card by means of a balance transfer, you cannot move the unpaid medical bills to your card. So, this way consolidation will not work.

    When you talk about assisted debt consolidation via a debt management plan, the consolidation of your medical bills totally depends on the situations. It could be tricky to know if the debt can be consolidated or not for your condition as there are so many variables to notice.

    Bring in the medical debt in a debt management program

    A debt management program assists the consumers to consolidate their unsecured debt irrespective of the credit rating. It comprises of credit card debt as well as other debt kinds unpaid medical bills and payday loans. One of the major advantages debt consolidation program is that you get benefits of lower interest rates. With debt management, you can draft a payment plan or go for a lump sum settlement adjustment. Contact your debt management expert to know all about the available options. Click here to know more on unpaid medical bills debt consolidation program.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here