If you have visited the dentist or doctor recently, you know even a check-up can be expensive. This is especially true if you do not have insurance. As a result, many people use their credit card to pay for their medical bills.
If you participate in a rewards program through your credit card, you may justify paying even your more costly bills by using your card. At least you earn points, miles or other benefits that way, right? For example, by paying for your hospital stay with your rewards card, you could earn free flights for your family vacation. While this is a great strategy, it only works to your advantage if can pay your credit card bill in full each month.
The downside to charging your larger bills to your credit card occur if you are unable to pay your credit card bill at the end of the month. Carrying a balance forward means interest, late fees and other costs will accrue. If this continues for several months, you could end up spending more on this extra cost than you would if you had paid for your airline tickets outright! Thus, if you are going to charge an expensive bill to your credit card and you know you will not be able to pay the full amount at the end of the month, it is important to calculate the costs associated with carrying a balance forward.
If the rewards offered by using your credit card to pay for your medical expenses do not out-weigh the costs associated with carrying a balance forward, you should consider establishing a payment plan with your medical provider. Many physicians and dentists offer interest-free payment plans and other payment options. This makes financial sense and can help prevent you from getting into trouble with credit card debt.
If your credit card debt is overwhelming you, however, we can help you explore your debt relief options. Typically, your credit card debt can be eliminated in a bankruptcy filing. To learn more, contact us today for an appointment!
At DeLadurantey Law Office, LLC, we help businesses and families find their way out of highly difficult financial situations. We provide the advice and guidance you need in obtaining debt relief through bankruptcy and debt negotiations. We can also assist you in student loan law and defending a foreclosure action. Contact us at 414-377-0518 to discuss how our Milwaukee bankruptcy attorneys can assist you. Like us on Facebook.