If you need to pay your medical bill balance, you can look for ways to make this process manageable. If there’s room in your budget to pay it off immediately without borrowing money – even if you need to make some adjustments – then this may be your best bet. Or maybe you can take a temporary side business to cover the costs.
If that is not possible, you may want to explore other avenues, such as a zero interest or low interest credit card, as long as you can be disciplined to make payments on time and be able to pay. the balance before the introduction the rate goes up.
Or you can consider an installment loan such as an unsecured personal loan to pay off your medical bill balance before it goes to collection. A personal loan may have a lower interest rate than your credit cards (depending on your credit history and other factors) and may offer additional repayment options.
A personal loan can be beneficial when negotiating with your health care provider, who may prefer to be paid in a lump sum rather than over months or years.
The key to maintaining a strong credit history is paying bills on time, well before they hit collection. Staying on top of medical bills can mean heightened vigilance, but the effort has the potential to make a real difference to your financial future.
This article originally appeared on SoFi.com and has been syndicated by MediaFeed.org.
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