Bryan P. Keenan & Associates, P.C.
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Bryan P. Keenan

Medical expenses and credit card debt are a troubling combination

Pittsburgh residents can find themselves facing overwhelming debt for many reasons. Two of the most common are medical expenses and credit card debt. Individually, these are worrisome. When people use credit cards to pay for medical care, they can quickly run up massive bills with few ways to get out of debt. When dealing with this stressful situation, having legal advice from a law firm experienced in helping people with medical and credit card debt might be beneficial.

A recent survey from CompareCards indicates that one-third of consumers who have credit card debt have accrued a balance by paying for medical expenses. Even more troubling, nearly 10% of people who paid for medical costs using a credit card have amassed at least $10,000 in debt. Considering the interest rates on credit cards, even for those with good credit, it will take significant time to pay off that debt.

A study from 2001 showed that medical expenses were the reason for nearly half of the 1.5 million bankruptcy filings in the United States that year. Many of the people who were forced to file for bankruptcy because of medical expenses had health coverage.

While there are steps to reduce some debt by negotiating with creditors, that does not always succeed. Since medical care can be so costly and its urgency is frequently self-evident, people believe they have no alternative but to use credit cards and think of solutions later. Unfortunately, those solutions rarely present themselves.

One time-tested strategy to get out of debt, whether it is medical or consumer debt, is through a bankruptcy filing. People are often reluctant to file for bankruptcy for a variety of reasons, but, when they realize that a Chapter 7 filing can clear what they owe or that a Chapter 13 filing can provide them with a reasonable payment plan, they find their preconceived notions were unfounded. A law firm that specializes in helping people get out of credit card debt through bankruptcy may be able to help.

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Bryan P. Keenan & Associates, P.C.

993 Greentree Road
Suite 101
Pittsburgh, PA 15220

Phone: 412-923-4941
Fax: 412-444-0158
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