Many Americans are facing the harsh reality of medical debt due to unforeseen circumstances, loss of a job and even the inability to afford health insurance. With so much going on in the health care industry today, it can be difficult for some people to find, obtain or even keep medical coverage. Medical debt is one source of financial hardship that can sneak up quickly and without warning.
Medical debt is one of the largest contributing factors to people seeking bankruptcy in the United States today. The aging population is especially vulnerable, as their medical needs can be significantly higher and more expensive than others. Add this fact to the problem of low or restricted income among the older population and you get a recipe for financial disaster. However, finding help for medical debt isn’t as difficult as you may think.
In general, medical debt creditors are willing to negotiate debts. Since these debts are unsecured debts, the threat of asset liquidation or property repossession is nearly non-existent when attempting to resolve debts directly. Although a medical debt creditor could obtain a court order to garnish wages for payment, they generally do not go to such lengths. The key is to get in touch with a medical debt creditor and explain your financial situation. You can keep most creditors off your back and avoid nasty collection efforts simply by agreeing to pay towards the debt each month, even if the amount is minimal. Setting up an automatic payment system through a debit card or checking account for the amount you can afford is one way to ensure the payment gets made and the creditors stay away.