Credit Help
with Hospital and Medical Bills
Will hospital bills ruin my credit? Should
You Worry about paying off hospital bills? With healthcare
costs rising, people running over to Canada to buy prescriptions
to save money, and the baby boomers getting older the healthcare
situation will only get worse. More people are going into
debt or filing bankruptcy because of their shocking hospital
bills. Some with medical conditions such as HIV or cancer
or even if you have been in the emergency room once you will
know first hand how deep healthcare reaches into your pocketbook.
When I went to buy my first home I had a lower credit score because of a medical bill from a unexpected hospital stay
that I didn’t even know that I owed. I thought that
my insurance company paid for this and it was taken care of.
To my surprise my hospital stay of over $3,000 is sitting
not-so-pretty on my credit history. This is not something
I was happy about considering I would have to pay an extra
point on my mortgage to avoid higher interest. I will also
have to pay for that hospital bill to get it completely off
my record or wait around 6 more years or so until it comes
off.
If you have bill collectors from hospitals calling you make
sure you at least try to make a payment on these and do not
neglect your credit record. Try your best to pay these bills
from hospitals on time because if your late that also effects
your credit score. We recommend in some cases to refinance
your home or take out a home
equity line of credit if you need the extra cash for hospital
expenses. If you do not own a home we advise personal
loans that are not secured by your home. Check out our
loan center to view these types of loans.
Other options: You can use your credit
card to pay most hospital bills but make sure you use
that or a payday loan as a last
alternative and consider a home refinance first because of
the tax write off and interest savings from a home loan. It
may even be a positive outlook to get a home equity line of
credit since you would save on taxes from this then also save
on taxes from your medical bills. If you cannot pay your hospital
bills at all and have tried all the above alternatives then
you need to call the number on your bills and find out what
you can do to work with them on your money situation and hopefully
it will work out for the positive.
Apply
for Personal Loans
More Smart Credit
Tips :
Learn more about medical bills and bankruptcy: Personal
Bankruptcy, "Discharge"
from Bankruptcy, Tips
to repair your credit
Looking for a
company to negotiate your medical bills? Try our credit repair
services here at Banklady.com. |
