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Beware your clinic’s medical credit card plan

The cost of everything medical-related, from surgeries to check-ups, can rise to extraordinary heights. Many Texas residents simply can’t afford the healthcare that they need with or without insurance. Although they can’t pay for a procedure, they still know that their health is one of the most important things to protect in life.

With the pressure of needing care, but being unable to pay, more Americans are agreeing to open lines of credit with their doctors. USA Today warns that this option can actually harm patients financially.

The article points out how clinics often fail to fully inform patients about what they are signing up to bear. Many patients are so swept up in their anxiety over healthcare costs that they forget to ask for the complete description and details of the card.

Part of this issue is due to tricky advertising; some offers come with an interest-free period of time. However, if there are any outstanding charges once that time is up, you might have to pay interest for the entire period.

Furthermore, this interest rate could be much higher than you expect. USA Today reports that the rate on some cards might reach 25 percent or greater. This means that the original cost of your procedure would increase at a rapid rate.

The problem with bad credit card offerings only contributes to the already existing medical debt issue. Previous financial hardship could motivate patients to take out these credit cards, which in turn creates a bigger owed sum. This is a clear example of how cyclic debt can become – and how difficult it can be to control.

If you suffer from medical debt, you may be able to stop the cycle by filing for bankruptcy. During this process, an attorney can guide you through the legal steps and help you reach the best possible outcome. You may be able to discharge a large portion, if not all, of your medical debt.

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