People sometimes have a choice in whether they will get into debt or not: for instance, they choose to buy a house, they choose to go to college and they choose to purchase a car. However, most people don’t choose medical debt. Rather, they often have no choice but to get into debt to cover medical expenses associated with an unanticipated medical condition or emergency. Like other types of debt, medical debt in Pennsylvania can wear on a person to the point that he or she may seek debt relief in order to stay financially afloat and reclaim a sense of peace.
The problem for some consumers is that they don’t even realize they have medical debt until after it has gone to collections. People sometimes don’t discover that the debt exists until they find it on their credit reports or receive calls about it from debt collectors. By this time, it is already affecting one’s credit score.
With a credit score that has dropped due to unknown medical debt, an individual may be less likely to get access to lending. In addition, once medical debt ends up on one’s credit report, it can be difficult to get this debt amount removed even after all of this debt has been paid. Medical debt can actually cost patients the opportunity to refinance their other debt in addition harming their personal finances.
When a person is overwhelmed with hospital-related debt and other debts, he or she may think that debt relief will never be attainable. However, it is possible to get this debt removed and start all over again from a financial point of view. Bankruptcy protection can help consumers in Pennsylvania to say goodbye to debt and hello to a chance to regain control of their finances long-term.
Source: roanoke.com, "Medical debt on credit reports often difficult to remove", Tim Grant, June 29, 2014