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Do you have too much medical debt?

On Behalf of | Aug 5, 2022 | Debt Relief

Even though it is impossible to put a price tag on good health, maintaining a healthy mind and body can be almost unbelievably expensive. Even if you have decent health insurance, you may have to put medical care on your credit cards or take out loans to pay for procedures and prescriptions.

According to reporting from CNBC, more than 100 million Americans have outstanding medical bills. While it may be perfectly acceptable to carry some medical debt, too much of it can wreak havoc on your mental well-being. Here are a couple of signs you probably have too much medical debt.

You have missed payments

Missing payments is one of the clearest and earliest indicators you have an unmanageable amount of medical debt. If you do not pay your medical bills on time, of course, you are likely to have to deal with debt collectors. This can make your life become downright miserable, especially if you are already in poor health.

You cannot afford essential expenses

Even if you have never missed a payment, you may have cut back too significantly. That is, you may have prioritized your medical debt over other bills. If you are current on your medical expenses but behind on utilities or rent, you probably are not in a good place financially. The same is true if your medical debt has caused you to skip meals or delay additional health care.

Staying healthy should not ruin you financially. Ultimately, if you have too much medical debt to manage, you should explore all of your available debt-relief options, such as seeking bankruptcy protection.

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