Lets face it consumer debt is growing and out of control. Purchase of goods and services is an on-going affair. It’s easy to lose track of the amount of expenditure we have actually made. And when it comes time to pay for this debt are we always prepared?
With the advent of credit cards, it has now become easier to Continue reading
What Is Medical Debt And How You Can Handle It?
Your health is your greatest asset. While planning your finances, one major allocation that you are sure to provide for is health. You take health insurances for yourself and your loved ones, in the hope that you will have a safety net available for the future. But despite this, you may find yourself in the clutches of a medical debt.
How will you incur medical debt?
It’s true that people who are uninsured have a higher likelihood of being in medical debt. But, it is people who have health insurance who find themselves unable to pay their medical bills fully.
Although they claim to be comprehensive, most health insurance plans do not cover certain types of medical procedures. If a person has to undergo these specific procedures or treatments, then they will have to pay the bills out-of-pocket. Many of the treatments that are not covered by the health insurance tend to be expensive, leading to hefty medical charges. These payments can slowly accumulate, leading to debt.
Another reason for medical debt can be high premiums and deductibles. Cost-sharing is a major factor for high medical debts.
Why do we incur medical debt?
A prolonged illness is just one of the reasons for medical debt. Unanticipated expenses that are a result of pregnancy, elective procedures, accidents and more can lead to your incurring debt.
How can you safeguard yourself from medical debt fast!
Here are a few pointers that may help you if you need solutions to either avoid or overcome the debt you are in:
- Pay your bills on time:
Although paying bills at a later date seems enticing, it is one of the easiest ways to get into debt. Make sure you clear your bills at the earliest.
- Find out about the inclusions and exclusions in your insurance plan:
Most people are often unaware about the specific details of the health insurance plans they have opted for. Speak to your insurance company and find out the treatments that are covered in the plan and those that are not. This will help you plan your finances.
- Set up a payment plan:
You may have other financial obligations, apart from medical bills, to take care of. Talk to your doctor and set up a payment plan that will help you pay your medical bills on time, while not burdening you financially. You can even do this with your insurance company, by choosing plans that suit your requirements and lifestyle.
- Learn if you are eligible for medical aid:
People belonging to specific income groups are eligible for medical aid from the state. The criterion for medical aid differs in each state. Visit the nearest hospital or government agency and find out if you are eligible for aid.
- File for bankruptcy:
While this is the last option that you should consider, filing for bankruptcy will give you much needed time to gather the finances needed to pay the bills. Your medical bill may even be discharged, if you meet certain specific requirements.
With these tips, you can get one step closer to leading a comfortable life, without medical debt.
Debt consolidation for dealing with your multiple loan liabilities
Given the unsteady global economy and exponential rise in the standard costs of living, more people in this country than ever are being driven to borrowing in order to make ends meet. From auto loans to home mortgages, student loans and credit card loans, people are availing of them all and are consequently suffering the burden of a crippling debt that is hard to pay off! And while they struggle with their several loan liabilities, most people find it extremely bothersome to manage their multiple payments every month. For such people, debt consolidation is the answer to all their worries. Continue reading
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In an ideal world, you will have graduated with no debt, ample dreams and the education necessary to make them a reality. However, for many, the debt portion is unattainable, as the population gravitates towards large amounts of student loans to pay for the increasing cost of college tuition. When the time comes to start paying back that debt, it can be scary indeed. People usually have loans from several different institutions-institutions that all want their money right away. This may push you into a corner where you’re making four and five payments a month that you just can’t afford. Fortunately, student debt consolidation can help make things better. Continue reading
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Graduating college without debt is a huge rarity in this day and age. Some people are able to manage such levels of college loan debt, others find themselves drowning in it. If you find yourself in the latter category, you’re not alone. Fortunately there are ways out.
Consolidation: Keep Debt Simple
College loans are one of the easiest forms of debt to consolidate. Individuals laboring under collegiate debt of over $55,000 find consolidation loans the number one source of aid. If you are in a situation where that amount of student loan debt is comprehensible, a consolidation loan may be a good option for you. This process can be a huge relief to those in that much debt. Continue reading
It’s typical for an American today to be in more debt than they can easily pay off. It’s considered acceptable, which has slowed down our urge to pay off the debt that we do owe. It’s not that people want to remain in over their heads, but for many, it is the only option. This is part of what frustrates our leaders in Washington, D.C. We hoot and holler about the rising national debt, but are unable to fix it easily for ourselves. It’s not easy, but it is necessary, and the complicated system the national debt lies in makes the whole situation more complex than we’d like. Continue reading