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Valuable tips for avoiding medical debt

There are all kinds of debt that people get into, including credit card debt, mortgage debt and school loan debt. No debt is good and for many people debt can lead to long-term financial problems, including foreclosures and even bankruptcy. There is another kind of debt that often gets overlooked, but it can be just as serious for anyone in the Tampa area, as any other kind debt. That is medical debt.

Medical debt is actually the leading cause of personal bankruptcy in the United States. In fact, according to statistics from NerdWallet Health about 60 percent of all bankruptcies are due to medical related debt. Medical debt is not something that only affects the lower class either. According to research, most people with medical debt are well educated, have jobs that are, considered middle class professions and they own homes.

The difference with medical debt, as opposed to other kinds of debt, is that people usually aren’t prepared for unexpected medical bills due to sudden or long-term illness. In order to avoid medical debt, people should keep track of all their medical expenses carefully. That includes checking with both insurers and medical providers that one is up-to-date with his her balances. It’s also a good idea to carefully review all bills to ensure no errors have been made.

Medical debt can be a serious matter and it can lead to many financial problems for anyone who is in that position. There are ways to get out of serious debt, including filing for bankruptcy, if necessary. However, before making that decision it might be a good idea to meet with a bankruptcy attorney.

Source: The Palm Beach Post, “Commentary: How to escape the medical care debt trap,” Steve Trumble, July 29, 2014.

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