Medical emergencies can happen to anyone regardless of age or health condition. However, the steps you take to resolve your medical debt can have a significant impact on how much you owe and what options there are to repay the debt. Unpaid medical bills are one of the leading causes of bankruptcies in the United States—even when the patient has medical insurance. Unfortunately, if you ignored the medical bills and allowed them to pile up, it’s too late to take proactive steps to resolve the debt. That doesn’t mean there aren’t options, but timing is often critical.

Steep Penalties and Fees

The longer you owe debt, the more interest builds, and the more non-payment penalties accrue. A bill can nearly double in time from the original amount owed if not action is taken. Once a bill goes to collections, you can expect harassing phone calls, endless letters, and in many cases, eventual threats to your financial stability. With a court order, the debt collector can attempt to garnish your employment wages or place a lien on your home, business, and possessions. One thing is almost certain, they will leave a negative mark on your credit report that can last more than 7 years.

The Way Out of Medical Debt

After going to collections, your medical bill repayment options include:

· Negotiating your debt – You’ll be surprised how much wiggle room the hospital has when it comes to your debt.

· Working out payment plans – Break down the negotiated cost of medical bills with a payment plan from the hospital or medical provider. This makes the debt a little more manageable. Some may even offer it without interest.

· Use credit cards – 0% interest credit cards might be a good solution for smaller amounts of medical debt, but they are another form of debt—so be careful.

· Taking out a personal loan – If you have excellent credit, this is a good option after you have exhausted the idea of using credit cards.

· Declaring bankruptcy – While in some people’s cases there simply is no other option, bankruptcy should always be a last option as it can critically damage your credit score. 

Hire Debt Relief Professionals

Fortunately, debt relief programs such as those offered by Progressive Debt Relief provide hope to a hopeless situation. With someone negotiating for better terms and a lower interest rates, you can save hundreds per month and start to pay off your debt faster and with less penalties.

If you’re drowning in medical debt, contact the financial experts at Progressive Debt Relief. Through our experience and established relationships, we can negotiate with your medical debt collectors to work out a repayment settlement that is manageable within your budget. To find out more about our services, or to schedule a complimentary consultation, contact us today.