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How To Deal With Medical Bills You Can't Pay

As a fiscally responsible adult, you must figure out how to deal with medical bills you can't pay. If not, your credit score could suffer and so could the quality of your life. Unpaid medical fees account for more than 30% of the nation's debt, after all. That's why so many people look for title loans in Utah.

The Top 3 Reasons Why People Can’t Pay Their Medical Bills

You're not alone in wondering how to deal with medical bills you can’t pay. In fact, recent studies reveal that more than 20 million Americans are in medical debt right now. Plus, each person owes an average of $2,200, totaling more than $45 billion nationwide. Meanwhile, these are the three primary reasons why that happens. See if you fit into one of these categories:

  1. They lost their main source of income.
  2. They have too many other bills to pay.
  3. They never stopped getting sick.

Knowing how to deal with medical bills you can’t pay may be the only way you can protect your credit score from dropping. Creditors don't care why you have negative marks on your report. They only want to feel secure when lending you money, not appear as risky philanthropists to help consumers live better. Thus, the title loans in Utah can become a primary source of proactive funding.

How To Deal With Medical Bills You Can’t Pay

Did you know that nearly 65% of all medical debt in the United States goes unpaid? That means 65% of the American population has a negative mark on their credit score as a result. But there are no special lending circumstances for people with bad credit. So, consumers must deal with the issue eventually and this is how it's done:

1. Monitor Your Credit Report Closely

Hospitals and doctor's offices will report your nonpayment to the three major credit bureaus after a while. That's when your credit score will start dropping more rapidly. Each month you don't make a payment or pay it off in full, it negatively impacts your rating and makes you ineligible for helpful financial services.

2. Contact The Account Holder For More Information

If you discuss the bill and the circumstances around not being able to pay it, some medical facilities will work with you to prevent negative items on your credit report. You might be able to repay the debt in small installments over time, or even have the bill completely removed using grants, scholarships, or charity.

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3. Make A Budget That Accommodates The Debt

The best way to handle an unpaid medical bill is to start making an effort toward lowering the debt. Even if you can only afford $10 or $20 per month, giving a little effort may prevent the debt from showing up negatively on your report. It also counts as a positive mark every time you pay the agreed-upon obligation on time.

4. Update Your Credit Report Often

When you start paying off your medical debts, don't forget to hold the credit bureaus responsible for reporting that information in a timely manner. If you check your report and see inaccurate information, file a dispute. Remember, you can't get most loans if you have bad credit. And even some jobs check that stuff too.

5. Get A Title Loan To Pay It Off Faster

A vehicle title loan can give you fast cash to pay off large debts in one lump sum. So, when you're trying to figure out how to handle medical bills you can’t pay, consider that. You don't need a lot of paperwork and payouts are usually big. The title loans in Utah, for example, can pay up to $15,000 per transaction for those who qualify.

TIP: Quicken the title loans application process by showing up with all your documents ready for review. Most of the time, the title loans in Utah will require the following things:

  • A state-issued driver's license or photo ID
  • A lien-free title
  • The car for inspection
  • A blank check from an active bank account in your name

For more details on the qualifying specifics of a car title loan in your state, talk to a loan agent directly.

How To Pay Medical Bills With A Title Loan

This type of funding gives you large amounts of cash upfront. So, use it wisely by paying your medical debts in a lump sum to avoid finance charges and late fees. If possible try to negotiate with the hospital for a reduced bill or see if you can save some money by paying it in full.

Get Title Loans in Utah Today

Medical bills plague more than half of the country and prevent many good people from getting credit. So, learn how to deal with medical bills you can’t pay before they destroy the quality of your life.

Knowing how to deal with medical bills you can’t pay is not a skill that comes easily, as it is something many people struggle with every day. This being so is even more of a reason to make a plan today. To make it easy use loans in Utah with the help of Utah Title Loans Inc.!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.