Finally after months of reading and getting help from this site - I cleaned up my credit and bought a house - Yeah! Now I'm afraid I'm going to ruin my credit again. I went to the hospital and I'm looking at THOUSAND of DOLLARS of Debt and in no way want to RUIN my credit over this. How do I deal with these medical bills. I don't know if a hosptial is willing to set up a payment plan on THOUSANDS of dollars in debt. What do you think? Thanks in advance for all your help!
First, if you have insurance, make sure the patient due amount is correct. For that matter, check even more carefully if you don't. Many errors occur in hospital bills. The most direct way to pay a debt is to not have it. Second, if you can, you are better trying to work with your creditors up front than doing nothing until it all goes to collection. You are not the first person in this situation. Some hospitals will set up payment plans, or direct you to companies that finance medical debt. Is it reasonable to pay off over the period the hospital might be willing to set up a plan, or do you have to carry some debt for a longer time? There may also be other credit sources with better terms. Take a look at your full financial picture: medical debt, mortgage debt, other debt, equity, savings, income if any, and how long your treatment may affect your income, and determine what effect this will have on your monthly cash flow and for how long. See what is possible. You still have to live.
