Consolidating Your Medical Bills: Everything That You Should Know

Consolidating the medical bills is definitely one of the most practical solutions for those customers who are constantly overwhelmed with a huge amount of money that they owe to the medical situation that they are in. You need to understand that a medical emergency can pop up anytime and it might be extremely difficult for you to understand what you are going to do in this situation. It is obvious that you cannot avoid getting treated and as soon as you are treatment begins; the costs of the medical procedures also start rising. People who do not have enough money can find it extremely difficult to clear the medical bills. According to, millions of Americans are responsible for falling victim to medical debts.

People who do not have medical insurance or have a medical policy with a high deductible can find a medical bill to cripple them completely. There are already numerous people who are suffering from financial problems and when they are facing any unexpected expenses all of a sudden, it is responsible for pulling them down completely. If this happens, there is no denying the fact that consolidating medical debt is definitely an ideal way of coping up with the healthcare expenses, which otherwise you will not be able to pay. Before you make a consolidation plan, you need to ask the following questions to yourself.

  • Is it going to make sense financially?
  • Will this plan help in eliminating the debt or force you to file bankruptcy?
  • Will it be easy for you to accept the terms associated with the consolidation plan?
  • What are the collaterals that you are planning to use?
  • Do you require help and in case if you do, what is the cost?

These are the important questions that you cannot miss asking yourself.

Consolidating medical debts

Before you are contemplating any medical consolidation plan, you have to focus on one of the most important facts, which is, medical debt is not responsible for accruing interest. It is true that a doctor’s office or a hospital is eventually going to hand the unpaid bills to collection agencies, but you need to know that this debt is going to be free from any interest.

If you are asking why it is important, you need to know that if you are deciding to clear your medical loans with the money that you are getting from the home equity lines of credit, your credit card, or with the help of personal loan, you will have to pay a certain rate of interest on your new debt. It is true that you are not going to owe any money to your hospital; however, you will be responsible for owing money to the source, from where you have got the new credit. Also, the interest rate is going to accrue every month and you have to be careful about it.

How can you make use of debt consolidation for the medical bills?

It is true that medical debt is not responsible for accruing interest; however, some people still prefer clearing their withstanding debts with the help of credit cards despite knowing that they are going to face a really difficult time to clear the card bills. This is definitely one of the greatest mistakes and credit cards are responsible for charging quite a lot of interest. As soon as you are putting the medical debt on your card, it is going to become the kind of debt that is interest-bearing.

You should not make use of your credit card for clearing your medical debt until and unless you are certain that you will be able to clear the card balance when the billing cycle ends. However, it is not that easy. There are many others who do not notify the medical provider that they have a problem in clearing the entire money together. If you are failing to clear the medical bills, it is obvious that the medical provider is going to turn the bills to the collection agency. The collection agency may not want to negotiate lower payments and can even seek judgments if you are not capable of making the payments.

It has also been observed that most people face a credit card default or high demands from the collection agency, and this is when they are going to use personal loans from the banks for clearing the debts. It is true that this strategy is going to buy you some time but it can have various other consequences. If you are not able to make required payments on time, it is going to lead to foreclosure. Also, bank loans are known to have high rates of interest in comparison to credit card debt, thereby making it an extremely poor alternative to consider.

If you are considering clearing your medical bills with the help of your credit card or you are unable to pay the medical bills and it has been sent to the collection agency, it is time that you consider consolidating your medical debt. You can visit National debt to know more.

What can you expect after consolidating the medical debt?

When you decide to consolidate your medical debt, you will have to pay only a certain amount at the end of every month as opposed to paying to a number of health providers at once. This is definitely perfect for those people who are finding it extremely difficult to pay their medical bills. It is obvious that when you are going through an emergency situation, you might have to be admitted in more than a single healthcare center. It is true that medical costs can start increasing and not being able to clear the bills is also normal. Consolidating your medical debt ensures that you pay only a certain sum of money as opposed to paying to a number of creditors. This is one of the easiest ways to handle your medical debt.


It is not a good idea to clear your medical bills with the help of credit cards. Consider consolidating your medical debts and you are going to be a gainer.

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