Often we’ve discussed the problem of insurmountable medical debt in this blog. Health care has become so problematic for people in Oregon as well as the rest of the country, that it’s been a hot topic for reform for many years. Even now after the Affordable Care Act, many people have been struggling to manage their medical debt.
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.
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.
When it comes to healthcare costs, some people in Oregon mistakenly believe that health insurance will protect them from medical debt. Unfortunately, this is not always the case. Life is full of surprises, and even people with medical coverage can find themselves with overwhelming debt.
For many people in Oregon, credit card debt is a serious burden. Often, unmanageable credit card debt stems from a major life change like a job loss, a serious medical issue or a divorce. When people no longer have the income they relied on for so long, or acquired unexpected debt due to a medical emergency, credit cards become a last resort. Unfortunately, some employers are now performing credit checks as part of their hiring process.
Business owners in Lane County and the rest of Oregon know how challenging it can be to keep a business afloat and profitable during a struggling economy. While some are able to scrape by, some find that there is little they can do to keep from falling deep into debt. When this happens, it's important for business owners to know that there are options for getting out.