Medical debt and associated expenses or loss of income is a primary cause of serious consumer debt in Oregon and around the country. Many people end up choosing to file either a Chapter 13 or a Chapter 7 bankruptcy due to the effects of such situations. When seeking debt relief, people have many concerns including the need to stop creditor harassment, stop wage garnishment and to achieve a new start for a better financial future.
Many things can lead a person to have a debt level higher than he or she is able to successfully manage. A job layoff or termination or a divorce are among some of the most common reasons that create such a situation. When an unexpected medical condition arises, the medical bills can mount fast, leaving the patient with a whole new crisis on top of the health concern that created the medical expenses to start with. In order to get a fresh start, some people may consider a Chapter 7 bankruptcy if no other option is available.
High levels of unmanageable debt can be challenging for many Oregonians. Such situations can arise from temporary unemployment, medical expenses that are incurred from an unexpected medical condition or other factors that can happen to anyone, anytime. Even if all medical debt or other debt is sufficiently paid back, consumers can still be plagued by the effects of the debt for some time to come. Some consumers may not even be aware of such problems.
Debt struggles are nothing new to Oregon families. Certainly the economic challenges of recent years have exacerbated many of the experiences for some people but these types of challenges have always and will always exist. Medical debt, lack of employment, divorce, deaths or other factors can all contribute to a person’s inability to make ends meet. Many options can exist to help people get back on their feet but identifying the right one can be difficult at times.
Whether or not there is a recession or a vibrant, healthy economy, individual consumers can still be left struggling with bills and looking for debt elimination options. In Oregon and around the country, people are still unable to work and many face large medical expenses that are difficult to pay in full. These may be hospital bills, therapy costs or more. No matter the reason for the expenses, the challenge of paying them is all too real for some residents.
While news stories in all various media report on the growing rebound of our nation’s economy, many Oregonians and their counterparts in other states continue to struggle financially. Loss of employment, divorce and medical expenses are just some of the top concerns that leave people still looking for help to what can feel like unmanageable debt and situations.
When someone is diagnosed with an unexpected illness or is seriously injured in an accident, it can be devastating for everyone around them. Friends and family members are impacted emotionally and usually wish there was something they could do to help. While they may not be able to do anything medically to help their loved one in Lane County, they can put their love and support to work to help out financially with medical expenses.
As people struggle to find ways to reduce their household expenses and put more money into savings each month, they sometimes opt for health insurance plans with higher deductibles in an effort to save money on monthly premiums. As long as you and your family members remain in good health, this can lead to successful savings. If anyone that is covered by your plan suffers from an unexpected medical condition, however, it can lead to overwhelming medical debt.
It doesn’t matter if you are an avid runner or a couch potato; anyone can fall ill unexpectedly or get injured in a car accident and require medical treatment. Even with health insurance, it can be easy to rack up thousands of dollars in medical expenses. Those without health insurance are often faced with overwhelming debt that can have a negative impact on your financial health.
Medical credit cards are financial products that give people another payment option for healthcare expenses. While there are some advantages to such products, there are also some disadvantages. High interest rates and expensive fees can leave residents of Lane County with more medical debt than they started with. Anyone can use the cards, but companies are targeting senior citizens who are struggling with medical debt.