Facing the struggles that can come along with significant debt can be difficult for anyone to handle, especially alone. This type of financial issue may be even more disheartening to think about if the individual is facing medical debt. Procedures and treatments are often expensive, and it is not unusual for individuals across the country, including in Ohio, to have outstanding balances for some time after they have recovered.
It was recently reported that a considerable number of individuals with medical debt face collections. Of the 43 million citizens who have debt in collections, 15 million of those individuals have only medical debt. That makes up over one third of the total number of individuals facing collections due to outstanding balances. Unfortunately, this means that a great number of individuals can have negatively affected credit scores and other financial problems.
For many, even the simple tips to stay on top of remaining balances may not be entirely helpful. Some bills may be too large to simply cover my making monthly payments, even if those payments are made on time. Though negotiating with medical providers to potentially lower balances or create a payment plan may be an option, the debt may still be too overwhelming.
If Ohio residents are facing similar circumstances, they may wish to explore debt relief options for addressing their medical debt. Bankruptcy could be a choice to consider if parties feel that their outstanding balances are too significant to be handled on their own. Exploring the different types of bankruptcy may help interested individuals determine whether it could be a viable option for them as they work toward a more stable financial future.
Source: kob.com, “Experts Warn Medical Debt Could Greatly Damage Credit“, March 30, 2016