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Taking care of remaining debt

When you have an idea of exactly how much you owe on medical bills, there are a few options available for paying off your remaining debt, assuming of course that you don’t have money to pay it off already. Your life can be turned around by taking care of remaining debt.

Installment plan

Most provider will allow for installment plans to be arranged, assuming you don’t owe huge amounts already and it won’t take a long time to pay off. Ensure that your budget has allowance to fit in these installments, not breaking the bank of ruining your monthly plan for spending.

Find out all the terms of the agreement before you say yes, for example:

  • Will you be charged interest? If so, what will the interest rate be?
  • Are there any fees associated with the agreement?
  • When will you be considered in default of the agreement, and what will happen if you are?

Many doctors and hospitals will not provide additional care to patients who have outstanding debts, even when they’re paying off that debt through an installment plan. This to them is an added risk of non-payment.

You can also consider paying your medical bills with a credit card or get a bank loan, but if you are already in debt then adding more credit cannot be a good idea for your financial security. This pile up is also why taking care of remaining debt is so important.

Bankruptcy filing

An option that may help you completely rid yourself of the debt, although not an easy fix, filing for liquidation can ease the situation depending on your overall financial position.

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