Advertisement

Should I put my medical debt on a credit card?

When your medical debt mounts, you may be tempted to transfer the debt to a credit card. Don't do it, say the financial experts. And don't convert your medical debt, which is unsecured, to a secured obligation by paying it off with your home-equity line of credit. The hospital may offer you a credit line from an outside lender at 0 percent interest. That's not a good idea, either, because the 0 percent rate usually jumps into the 20 to 30 percent range if you miss a payment. Plus, once your balance is off the hospital's books, you lose any negotiating leverage you have.

Continue Learning about Financial Health

3 Tips to Buy Healthy Groceries on a Budget
3 Tips to Buy Healthy Groceries on a Budget
Sources can be hard to pinpoint. If someone asked you, “What’s the major source of junk food in the American diet,” and you answered, “Convenience sto...
Read More
What is term life insurance?
Maria Ferrante-SchepisMaria Ferrante-Schepis
As the name suggests, term life insurance is meant to be held for a specific period of time (the “te...
More Answers
7 Ways to Save Money on Your Meds
7 Ways to Save Money on Your Meds7 Ways to Save Money on Your Meds7 Ways to Save Money on Your Meds7 Ways to Save Money on Your Meds
Use these savvy strategies to cut your prescription drug costs.
Start Slideshow
How to Save Money on Your Cell Phone Bill
How to Save Money on Your Cell Phone Bill

Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.