$7,000 Loans for Medical Expenses: Why Experts Warn Against High-Interest Credit Cards

Financial experts advise avoiding high-interest credit cards for medical expenses.

Financial Experts’ Advice on Managing Medical Expenses

Financial experts at Lending Tree report that Americans often seek loans averaging over $7,000 to cover medical bills. This highlights the financial strain many face due to unexpected healthcare costs, according to the report of ABC Chicago.

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Tips for Managing Medical Payments

Instead of using credit cards with high interest rates, consider asking healthcare providers about no-interest payment plans. These plans can help manage medical bills without accumulating additional costs.

It’s important to carefully review medical bills by requesting itemized statements. This ensures accuracy and prevents overcharges or billing errors.

Additionally, stay informed about your insurance coverage. Confirm that billed services were correctly covered to avoid unexpected expenses.

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(photo: Insights Success)

Potential Regulatory Change

The Biden Administration has proposed a rule to exclude medical debt from impacting credit reports. This could potentially improve credit scores and ease future financial qualifications for consumers.