Are you struggling with your finances and looking down the cold barrel of bankruptcy? Are you in debt up to your eyeballs and struggling to make ends meet? Go Here To See How You Can Lower Your Monthly Payments Up To 60% www.DynamicSolutionsintl.com/ohall

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Are You Struggling To Make Your Monthly Payments? Go Here To See How You Can Lower
Your Payments Up To 60% ! www.DynamicSolutionsintl.com/ohall
www.DynamicSolutionsintl.com/ohall
==== ====
If you have incurred medical debt and you are having trouble paying or you cannot pay your debts,
you have several options. A person not paying their medical debts is a common everyday
occurrence and you can be assured that there are many options. Knowing your options can
prevent you from becoming one of many people who fall victims of pushy debt collectors can
easily pressure people into making payments that they cannot afford. Below are 5 common
methods for settling medical debt. Your unique situation will determine which method or
combination of methods you should use.
Medical Debt Consolidation using the equity of your home
If you have own a home and have owned it for several years, it is likely that you have built up
some home equity. Equity is the market value of the home, less the unpaid principal owed on the
mortgage. This difference can be used to borrow money. The great thing about using home equity
is that the rate that you can borrow money is typically far less than you can borrow anywhere else.
The only problem with this is that it does increase your monthly mortgage payments (unless you
refinance to a lower interest rate that offsets the increase in principal) and if you default on your
payments, you can lose your home as a result.
Medical Debt Negotiation
If you are underinsured and you can't pay the care you need or needed, the best place to start is
by simply asking the doctor for a reduced price. It is a fact that doctors charge insurance
companies substantially less than they charge uninsured patients. This is because the insurance
companies will negotiate a lower rate and this also proves that the doctors will work for less if they
are asked or properly negotiated with. More and more people are beginning to ask for lower prices
and out of those people who did try to negotiate, 50% of them did receive a lower price. It is
important to speak with the right person and to be polite but persistent. Sometimes if you ask one
person, they may brush it off by saying now they can't do that, but they just aren't aware that it is in
their policy to actually accept lower payment. If you think about it, they would much rather have
you pay less than not pay at all. Be persistent and speak with the right people and it will be very
likely you can get a reduced rate.
Transfer to Credit Cards
Transferring medical debt to credit cards is a very convenient option to just about everyone in
medical debt. It may seem like a good idea because it will allow you to pay off the debt over time
in monthly payments. This can be a good option if pay it off as soon as you can and you do not let
the interest add up. Interest payments can easily add up to be a large portion of the total payments
made. Also, if you plan on applying for Medicaid, transferring medical debt to a credit card will
reduce your chances of receiving Medicaid because once the balance is transferred, it is not
longer considered medical debt.

2. Credit Counseling
Credit counseling companies can be a great choice if you are having trouble managing your
finances. Most of these companies are non-profit companies and are great at advising you on your
money and debts, helping you develop a budget, and will likely offer you free education materials.
If you contact one of these companies you can expect their counselors to be certified and trained
in consumer credit, debt management and budgeting.
Bankruptcy
Nearly 50% of personal bankruptcies are a cause of medical debts. Many people see this to be the
easiest way out from medical debts. Bankruptcy can stop collections calls and give you somewhat
of a fresh start. If you have been having trouble with finances before the medical bills arose or you
see will have continued medical treatments, bankruptcy may only be a temporary fix and you can
be back at the same place you were before. If this seems like your case, it is much better to go
after the root of the problem instead of bankruptcy. Before considering bankruptcy, it is HIGHLY
suggested that you exhaust the previous four options given in this article.
These previous 5 methods can be used to settle just about any medical debts. Understand your
unique financial situation to figure out which method is best. Combining different methods can be
extremely useful as well. If you are not comfortable handling these problems on your own, there
are many professionals out there that are willing to help.
If you need help with your Medical Debt we can help by giving you a free, no obligation
consultation to give you your best options in settling your medical debt based on your unique
financial situation.
Article Source:
http://EzineArticles.com/?expert=Charlie_Jones_Jr.
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Are You Struggling To Make Your Monthly Payments? Go Here To See How You Can Lower
Your Payments Up To 60% ! www.DynamicSolutionsintl.com/ohall
www.DynamicSolutionsintl.com/ohall
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