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If you are using a credit card to pay those bills and Consolidate Your Medical Debt, it could end up costing you even more in the future. When unexpected illnesses or emergencies occur, it's best to have savings on hand and avoid charging these expenses to your credit card. If you don't have additional funds available, now is the time to create a savings plan.
However, if you are trying to pay off your medical debt without increasing your credit card balances and don't have enough savings to cover the costs, you may want to consider medical debt consolidation.
Here are some ways you may be able to get relief from your medical debts:
Leverage Your Home Equity Line Of Credit (HELOC)
If you own a home and have about 15 to 20 % of equity in the property, you can apply for a home equity line of credit (HELOC). This loan gives you the option to borrow money from the equity in your home, which could help pay off a large amount of debt at one time. You also only have to repay the amount you withdraw from your HELOC, not the entire loan. To pay off your HELOC, you generally start by making interest-only payments and then pay off the remaining principal later. Depending on your lender and how much money you use, this loan could last 20 or 30 years.
Disadvantages: HELOCs generally come with variable interest rates, which means that the interest on the outstanding balance will increase in sync with federal funds. There is also the possibility that you may have to make a balloon payment, which could be more than double the average monthly loan payment. Another thing to consider with this loan, if you fall behind on your payments, you could lose your home to foreclosure.
If you own a home and have about 15 to 20 % of equity in the property, you can apply for a home equity line of credit (HELOC). This loan gives you the option to borrow money from the equity in your home, which could help pay off a large amount of debt at one time. You also only have to repay the amount you withdraw from your HELOC, not the entire loan. To pay off your HELOC, you generally start by making interest-only payments and then pay off the remaining principal later. Depending on your lender and how much money you use, this loan could last 20 or 30 years.
Find A Negotiator To Consolidate Medical Debt
If you are overwhelmed with medical bills and can't pay them, you may be able to work with a medical debt negotiator. They can negotiate your debt on your behalf with your hospital, clinic or doctor to reduce the amount you owe. That's Medical Debt Consolidation.
Do your research before you decide to go this route. Make sure you know how much the medical debt negotiator you work with charges and their fees. This option may be ideal for families who do not qualify for a government grant or debt forgiveness, and you may face higher interest rates because there is no collateral (such as your home) in case you miss payments.
Contact Credit Counseling Services
Consulting a credit counseling service may help if you are having trouble finding solutions for consolidate debt medical debt on your own. With this service, a credit counselor will review your finances, including your income and debt, and work with your health care providers to settle your debt.
They also offer advice on budgeting and money management classes.
Get Help Settling or Consolidating Your Medical Debt
US National Credit Solution can help you consolidate your medical debt, bank debt, etc... and keep you from worrying about your medical bills. We negotiate on your behalf to help you reduce or pay off your debt for less than you owe, and in a shorter period of time. Our debt coaches have worked with 10,000 creditors and know how to get you the most savings possible so you can get back to doing the things that make you happy.
