How can you escape your medical debt?

On Behalf of | Jan 18, 2022 | Medical Debt

If you tell someone you are thinking of filing for bankruptcy, they may assume you have been too free and easy with your credit cards. Yet, often the reason people max out their cards is to cover medical bills.

A 2018 report found that 530,000 families who filed for bankruptcy in the previous year did so due to medical debt. That amounted to two-thirds of all personal filings for the year.

You cannot plan for health issues or avoid spending on them. When you or a family member need treatment, you pay for it by whatever means you can, even if that means taking out loans or spending every last cent on your credit card limits.

Medical issues can also inhibit your ability to earn

If you were the one who needed the medical treatment, you probably needed time off work. So, not only were you racking up expenses, but your income had stopped, further reducing your ability to pay them.

So, if you are struggling with debts you cannot meet, and part of that is due to medical bills, you are certainly not alone nor to blame. If you lived in another country, that medical treatment would have been free, so do not beat yourself up over it. What you need to do, is work out how to get rid of it before the stress of it leads to further health issues.

You can juggle credit cards or take out more loans, but that may just delay and exacerbate the issue. If you need to clear medical debt to rebuild a better financial future, consider finding out more about bankruptcy. You may be surprised at how much of a difference it could make.