Here are some ways to tackle medical debt
RICHMOND, Va. (WWBT) - Medical costs have gone up 33% in the last 10 years according to our partners at the financial website Nerdwallet. If you get stuck with a ton of medical bills out of the blue, you do have options.
People who don’t have insurance or who have insurance with high deductibles may be getting medical bills they can’t reasonably afford. They may pay their medical bills with credit cards, incurring high-interest charges. Or, they may leave the bills unpaid, damaging their credit scores.
If you have good credit, meaning a FICO score of 690 or higher, you should look at transferring any existing credit card debt onto a card with zero interest. You can typically get one with no interest for 12 to 18 months. That allows you to just tackle the debt without worrying about interest.
If you don’t have a good credit score and can’t move the debt off one card to another, pay as many times as you can in a month. Credit card interest is calculated on the account’s average daily balance, not the balance on the payment due date or the statement closing date.
That way, you are at least trying to cut down the interest as much as possible.
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