Whats the best way to get out of medical debt?

Question : Whats the best way to get out of medical debt?
If someone is in medical debt, whats the best way to pay it off. Please give me some ideas. Thanks
best way to get out of debt

Best answer:

Answer by torklugnutz
If you don’t care about your credit, just default. I’ve got a friend who’s done this a number of times.

If you want to protect your credit, call billing and get setup on a payment plan. They’ll take whatever they can get, even if it’s only $ 5 a month. You’ll slowly whittle your balance down and you won’t get any bad marks on your credit, as long as you stay within the terms of your agreement.

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#1 written by Mr Chris Peters 1 year ago

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#2 written by novansa7 1 year ago

There are ways to save money each month without consolidation. You should consider consolidation only after you have exhausted all other options. The webpage below gives advice on how to save money and get up to $ 100 a month to pay off debt.

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#3 written by CALIFORNIA GOLD 1 year ago

Aside from bankruptcy, there were some solid answers tossed into the mix there. You could also try to get settlements on the debts although medical debts are “hit and miss” meaning some offer settlements and some won’t at all.

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#4 written by hendy h 1 year ago

Get a debt consolidation Loan:

Choosing online debt consolidation is very convenient as it allows you to total all your debts into a single one and then make a payment once a month. The companies offering online debt consolidation allow the interest paid to be treated

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#5 written by Peggy K 1 year ago

You’ll want to verify this with a CPA, or maybe a banker, but I believe that if a person is under age 59 1/2, they can pull out funds from their IRA or 401k to pay medical bills (but don’t go over this amount plus whatever federal withholding you need to apply to it) without paying the penalty for early withdrawal. There will still need to be federal withholding taken out of this distribution, too.

Then, for that year’s taxes, you’d get a 1099R from the company, showing the distribution amount, taxable amount, and the amount of tax withheld. You’d have to show that on the tax return for the year you withdrew it.

There are other ways, but this is quickest.

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#6 written by Maggy G 1 year ago

Get a debt consolidation loan. Your rates will be lower, so your payments will be lower. You can comparison-shop at the below website

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