Medical debt may cause Tennessee residents to consider bankruptcy

Medical debt may cause Tennessee residents to consider bankruptcy

| May 9, 2014 | Debt Management, Firm News

Staying in good health is a goal of many Tennessee residents, but unfortunately, unexpected illnesses or injuries can strike at any moment. If a person has not prepared for such a situation, healthcare expenses can quickly accumulate. As a result, an individual may be facing significant medical debt and may turn to bankruptcy as a way to deal with such debt.

Some individuals who do not have the funds readily available to pay for medical expenses may believe that using a credit card would be beneficial. While this tactic may be helpful in some situations, it is important to understand the interest rates that come along with holding a balance on the card. If the balance is high and will take a considerable amount of time to pay off, the interest rate could cause more money to be owed, and in turn, make the situation more difficult.

In some cases, a patient may be too ill to look after the bills. If that is the case, it is important to have someone trustworthy help explain the bills and carry out making payments. If a person does not make their medical payments on time, the debt could continue to accumulate.

Any form of debt can be difficult to deal with, but medical debt may seem even more burdensome as an individual may be considerably ill while attempting to handle the bills. If the debt becomes too overwhelming for Tennessee residents, pursuing debt management options should not be out of the question. Bankruptcy and other forms of debt relief can help individuals who have found themselves facing financial difficulty.

Source: yourwestvalley.com, “Study: Medical debt problems afflict 1 in 3 Americans”, Lexie Verdon, April 27, 2014