SMART CREDIT

Credit Help with Hospital and Medical Bills

Will hospital bills ruin my credit? Should You Worry about paying off hospital bills? With healthcare costs rising, people running over to Canada to buy prescriptions to save money, and the baby boomers getting older the healthcare situation will only get worse. More people are going into debt or filing bankruptcy because of their shocking hospital bills. Some with medical conditions such as HIV or cancer or even if you have been in the emergency room once you will know first hand how deep healthcare reaches into your pocketbook.
When I went to buy my first home I had a lower credit score because of a medical bill from a unexpected hospital stay that I didn’t even know that I owed. I thought that my insurance company paid for this and it was taken care of. To my surprise my hospital stay of over $3,000 is sitting not-so-pretty on my credit history. This is not something I was happy about considering I would have to pay an extra point on my mortgage to avoid higher interest. I will also have to pay for that hospital bill to get it completely off my record or wait around 6 more years or so until it comes off.
If you have bill collectors from hospitals calling you make sure you at least try to make a payment on these and do not neglect your credit record. Try your best to pay these bills from hospitals on time because if your late that also effects your credit score. We recommend in some cases to refinance your home or take out a home equity line of credit if you need the extra cash for hospital expenses. If you do not own a home we advise personal loans that are not secured by your home. Check out our loan center to view these types of loans.
Other options: You can use your credit card to pay most hospital bills but make sure you use that or a payday loan as a last alternative and consider a home refinance first because of the tax write off and interest savings from a home loan. It may even be a positive outlook to get a home equity line of credit since you would save on taxes from this then also save on taxes from your medical bills. If you cannot pay your hospital bills at all and have tried all the above alternatives then you need to call the number on your bills and find out what you can do to work with them on your money situation and hopefully it will work out for the positive.

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More Smart Credit Tips :

Learn more about medical bills and bankruptcy: Personal Bankruptcy, “Discharge” from Bankruptcy, Tips to repair your credit

Looking for a company to negotiate your medical bills? Try our credit repair services here at Banklady.com.