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Medical credit cards cause overwhelming debt in Texas

Healthcare has been on the minds of many people as of late due to the recent debate among lawmakers regarding Obamacare. Medical bills are a common reason for people to find themselves in overwhelming debt in Texas and other states. Credit card companies have played a significant role in this problem by issuing medical credit cards with high interest rates.

Medical credit cards were created in order to allow patients who have medical needs not usually covered by health insurance such as dental care. For example, an elderly person who needs to pay for dentures may struggle if the person is living solely through social security. However, these medical credit cards usually come with high interest rates and heavy late fees. This can easily result in patients being buried in medical debt which they are not able to pay.

Medical credit cards are usually offered by healthcare providers who work with the credit card companies in order to begin lines of credit for their patients who cannot afford their medical services. Although this seems like a fast and easy solution, many patients find that they are not able to keep up with their payments due to high interest and fees which quickly begin to accumulate. Many patients have even begun to sue their medical providers for not informing them about the financial risks of opening this type of credit card.

Fortunately there are various options available for people to solve their overwhelming debt problems caused by medical bills in Texas and other states. One solution is to file a personal bankruptcy. Many people choose a Chapter 7 bankruptcy because this type of bankruptcy is designed to discharge unsecured debts such as debts from credit cards.

Source: Medical Daily, Beware Of Predatory Healthcare Financing: Patients Buried In Bills From Medical Credit Cards, Loans With High Interest Rates, Lecia Bushak, Oct. 19, 2013

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