How to pay off medical debt fast

August 3, 2022
how to pay off medical debt fast

If you’ve been in an accident, or have had major surgery, you know the importance of healing properly. Unfortunately, sometimes medical bills can pile up before you’ve had a chance to fully recover. 

This can be a huge burden, especially if you’re already struggling financially. In this blog post, we will discuss some ways that you can handle your medical debt while you’re still healing.

Medical Debt In America

In America, medical debt is a reality for many people. According to a study done in 2020, 1 in 10 Americans has medical bills owing more than $10,000. (

This number has only increased in the past three years, with the current pandemic leaving many people jobless and without health insurance. In 2022, it is estimated that medical debt will reach an all-time high, with millions of Americans struggling to keep up with the rising costs of healthcare. 

For many people, medical debt is a financial burden that can have devastating consequences. It can lead to bankruptcy, ruin credit scores, and cause immense stress and anxiety. 

If you are struggling to pay off your medical bills, it is important to seek help from a financial advisor or credit counseling service. There are options available to help you get out of debt and improve your financial situation.

Contact your creditors

The first thing you should do is contact your creditors and explain your situation. Be honest about how much you can afford to pay and ask if they’re willing to work with you. 

You may be able to negotiate a lower monthly payment or even set up a payment plan. 

If you’re not sure what to say, check out our article “Credit card debt settlement: Life of certified negotiators.

Keep in mind that each creditor may have different policies, so it’s important to ask about their specific procedures. If you’re unable to reach an agreement with your creditors, don’t despair – there are still options available.

contact your creditors about your medical bill

Consider consolidating your debt

Moving forward after accruing medical debt can feel like an uphill battle. Trying to keep up with monthly payments on top of everything else can be daunting.

However, debt consolidation may be a helpful tool for getting out from under medical debt. Debt consolidation involves taking out a new loan to pay off multiple smaller debts. This can often lead to a lower interest rate and lower monthly payments. 

As a result, debt consolidation can make it easier to keep up with payments and pay off the debt in a timely manner. Of course, this is not a solution that will work for everyone.

But for those struggling to keep up with medical bills, it may be worth exploring as an option.

apply for medical debt consolidation

Finally, consider using a credit counseling service

Credit counseling agencies offer a variety of services to help consumers get out of debt.

credit counseling agencies help you negotiate your medical debt

One option is a debt management plan. With a debt management plan, you make one monthly payment to the credit counseling agency, which then distributes the funds to your creditors. The agency may also be able to negotiate lower interest rates and waived fees on your behalf. 

Another option is a debt settlement plan. With a debt settlement plan, the credit counseling agency works with your creditors to negotiate a lump sum payment that’s less than the full amount you owe. Once the payment is made, your debts are considered settled. 

Of course, there are pros and cons to both options. 

A debt management plan can help you get out of debt without damaging your credit score, but it will take longer to pay off your debts. 

A debt settlement plan can help you pay off your debts in a shorter period of time, but it will have a negative impact on your credit score. However, if you are already considering debt relief programs then your credit score is already low. 

Ultimately, the best solution for you will depend on your individual circumstances. If you’re struggling with medical debt, contacting a credit counseling agency may be a good first step toward getting back on solid financial footing.

Pay off your medical debt fast

If you are struggling to pay your medical bills, it is important to seek help from a financial advisor or credit counseling service. There are options available to help you get out of debt and improve your financial situation. 

Find fast debt relief options with Roundleaf! Start today with our free consultation!


Medical Debt FAQs

Does medical debt impact your credit score?

Medical debt that is reported to any of the three credit bureaus will affect your credit score

Does bankruptcy clear medical debt?

Yes, you can clear medical debt through the bankruptcy process. However you should consider all your options before bankruptcy.

How long does medical debt stay on your credit report?

Typically medical bills stay on your credit report until they are paid off or for seven years.