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The pros and cons of paying medical bills with credit cards

Many of those that we here at The Law Office of Paul Petrillo work with are surprised at how quickly their medical expenses can add up. The quality of health care that you receive at a Rockingham County hospital or clinic may be among the best in the world. As such, it may also come at a high price. Few may have the thousands of dollars that a complex medical procedure may cost on-hand (in certain cases, you may not even be able to pay the out-of-pocket expenses required by your insurance provider up-front).

The temptation may be to pay such bills with a credit card. If you are considering this, you are not alone; a study information shared by Credit Karma showed that of 31 million underinsured Americans, 34 percent assumed more credit card debt to pay their medical bills. This decision comes with certain pros and cons. The most obvious advantage to it is that it gets bills out of doctors’ offices and collection agencies. However, by doing so, one could argue that you are simply transferring one form of debt to another (and forcing yourself to pay a potentially higher interest rate).

If you have multiple medical bills that need to be paid, putting them on a credit card allows you to consolidate them into a single payment. However, your increased credit usage could impact credit score, undermining your effort to have your debt affect your borrowing capacity.

If mounting medical costs force you to contemplate bankruptcy, any medical expenses you have paid on credit may qualify to be discharged with your other credit card debt, as would your other unpaid medical expenses. You can find out more about dealing with medical debt by continuing to explore our site. 

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Law Office of Paul Petrillo
One Tara Boulevard
Suite 200
Nashua, NH 03062

Phone: 603-635-4149
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