Debt relief service

Medical debt is actually a bigger factor in people filing for bankruptcy then credit card debt. Don’t be a statistic and file for bankruptcy if you are plagued with medical debt! Below are some guidelines which can help you pay off or deal with your medical debt instead of filling for bankruptcy.

Don’t transfer medical debt to a credit card

Avoid transferring any medical debt you have to a credit card. Doing a balance transfer to a credit card is not a good decision because usually the interest you will incur will significantly raise your total balance. Moreover, usually the interest rate is lower on medical bills versus a credit card. Furthermore, if you transfer the medical debt balance to a credit card you usually will reduce your chance of getting Medicaid. Medicaid eligibility is largely determined by your gross income. Therefore, any medical debt you have lowers your gross income whereas any credit card debt you have will not lower your gross income.

Be proactive and stay on top of your bills

Second, be proactive with your medical bills. Missing payments can severely hurt your credit and can result in additional fees and interest. Therefore, the more proactive you are with your medical bills the better chance you have of preventing your credit score from declining.

Negotiate payment plans if unable to pay and/or work with credit counselors

If you are unable to make payments call the hospital or doctor’s office you have medical bills and try to negotiate a payment plan that fits your budget. If you feel more comfortable, have a debt settlement or credit counseling company do this for you. These companies are experts in negotiating with creditors (hospitals, third party billing agencies, collection agencies etc) to either help you get a more reasonable payment plan and even sometimes negotiate your total medical debt to a lower balance amount. To start this process, fill out the form at the top here. Make sure you record the companies, names, numbers, and the dates of phone calls for anyone you are dealing with (whether you are negotiating directly or having a company negotiate for you).

Look to charity organizations for help

By doing a simple search online, you can probably find many non profit organizations, churches, or community organizations that might be willing to help you with your medical debt. Realize though, that most organizations usually help those individuals who are the neediest first.

Apply for Medicaid

If possible look to apply for Medicaid. Medicaid is a dual sponsored program by federal and state funding. Each state offers Medicaid and the plans vary from state to state. Try to research your state and see if you are eligible for Medicaid. Depending on your state, past medical bills may be covered or partially covered by your state Medicaid plan. Here is a link to get started: http://www.cms.hhs.gov

By: Manny Vetti

Do you struggle to pay your bills on time? Do you owe thousands of dollars in credit card debt? If so, you are not alone; debt in the United States has become a widespread epidemic and seems to only be getting worse. In fact, 40% of American families spend more than they earn, according to the Federal Reserve Bank. And while there are conflicting reports of exactly how much consumer debt there is in the U.S., it is unquestionably in the trillions of dollars.

If you are struggling with debt and financial predicaments, there are ways to deal with it and eventually attain financial freedom. From debt consolidation to credit counseling, there is a solution that fits your financial situation.

Where to Seek Help

Knowing where to go for debt assistance is the first step. One of the best resources is public credit counselors who work for non-profit agencies because they charge low fees to help negotiate your debt with your creditors. Typically they will make arrangements and form a payment plan that enables you to pay off your debts. This will not only help you get out of debt but essentially save you thousands of dollars in interest.

When selecting a credit counselor, make sure they are accredited by the National Foundation for Credit Counseling (NFCC), have been trained in money management, and beware of any “fees” you will be required to pay – you don’t want to go in debt any further than absolutely necessary.

Make a Budget

One of the most important factors in getting out of debt is learning how to properly manage your budget. Before you meet with a collector, make a detailed list of all your monthly expenses so you know precisely what your fixed costs are. It’ll also give you an idea of how much you realistically can afford to put towards your debt monthly. Your credit counselor should be able to help you develop a budget that works for you.

Credit Card

Get rid of your credit cards! You will never get out of debt if you keep accumulating it. If you must keep a one or two (which is a good idea in case of an emergency such as illness or job loss), do not carry around it with you and keep it tucked away somewhere safe at home so you will not be tempted to use it.

Bankruptcy

Bankruptcy should be an absolute last resort. The purpose of working with a credit counselor is to explore all your options to get out of debt and steer clear of bankruptcy.

Responsible Debt

Responsible debt refers to debt that is essentially unavoidable, such as a mortgage or tuition for education. However, there are ways to eliminate even necessary debt. There are early mortgage pay plans offered by companies such as United First Financial and when applying for student loans, make sure they are government subsidized because they have very little, if any, interest.

By: Holly Matheson

In the economics traits, there is the spending ways and debts have arisen as a result, but there are very few positive solutions to the debt relief of student loans. As you read this, you have little debt reality in general, and to see that the rules have changed. As you read this page completely, you will find several ways to help your debt relief.

Nevertheless, I hope, for those who are faced with situations such as those to avoid garnishment of wages, judicial and other unpleasant situations that may arise. The last thing we need to get wages garnish, if you already have a pretty bad time to make ends meet.

Although there is not a perfect or magic solution to clear student loans, but there is always the best way to effectively prevent all types of problems. Thus, you can really have an opportunity to encourage the establishment of finance and obtain a better balance in things.

If you have a right to payment of a basic income, monthly payments will be set that you can pay each month. As a rule, payments on your loan will be less than 10% of gross monthly income. If you make 150% or below the federal poverty level (which is about $ 16,245 for individuals) to pay nothing until your salary increases. Thus, people who really benefit from this program: graduates with high student debt loans and in result they cannot find jobs, certain college graduates have a large amount of debt relative to income and also same with the people who go to public service. Because if you are in this plan, you have the right to develop a program of debt, which eliminates your debt if you worked full time in the public sector for 10 years. Back to the basic income, it would also write off the remaining debt of student loans after 25 years of payments.

But there are disadvantages of this program. You pay more in interest over the life of your loan. Reduction of pay on the basis of compensation of income generally prolongs the time you pay the loan.

By: Lisa Archer-Jones