Auto title loans and other short-term fast money loans are not the number one cause of people's finances going under. Health care and the financial hardships of medical bills are taking their toll on personal finances. Medical bills can quickly add up to the thousands which will put people in a financially trouble situation. Most people will not have that kind of money in a savings account, so there will need to be some sort of funding to take care of the bill. Big lenders have caught on to this opportunity for additional revenue. Medical care credit programs are one more option for people to obtain money for medical expenses.
Options for financial help with medical care include savings accounts, health savings accounts, personal loans, credit cards, auto title loans, second mortgages, or trying to work with the medical billing department. It is understandable how these medical bills are causing so many problems for people, especially those without health insurance.
There are 47 million Americans without health care. The government is trying to fix it, but there is no quick fix and in the meantime, the bills keep adding up. Dental bills are another problem which adds to the pile of debt. The problem continues to land on the laps of the individual.
Many options for money are out there, most will rely on your credit rating. The lower your credit score, the higher the loan interest rates will be if approved at all. Going to a bank for a loan will include documenting all debt, expenses, assets and a long list of questions. Auto title loans are attractive to those who already have bad credit and know that a bank is not an option. Whichever option is used, there still needs to be a payment plan. High interest loans will cause more financial problems if the money is not repaid on time. Missing payments will snowball your finances into a very bad situation.
Health care loans, credit loans and auto title loans are hopefully last resorts for individuals. It is understandable that these loans are used in order to pay for disease care, but they should truly be a last option. Before you sign for any loan, look into your finances and figure out a payoff plan.
Try to call the medical billing department and inquire about any payment program offered to those having difficulty. Some medical offices will charge fees based on a sliding scale for those patients without health insurance. They may offer some sort of low payment plan. Getting some money each month is a better option for the medical office instead of not getting paid at all. Many individuals end up bankrupt from medical bills; the medical community knows this and has a greater incentive to provide payment options for individuals. In a life or death emergency, a hospital emergency room is still required to service a patient. Basic medical needs or long-term treatment for diseases should not be the death of someone's finances. Examine all your options and find the one which fits your situation.
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