People across Maryland may be hesitant to discuss their financial struggles with other people. They may be embarrassed by the type or amount of debt they are dealing with or they may feel as though people will think they have been irresponsible with money. Because of these misperceptions, many people end up trying to ignore it or try and handle the situation alone.
However, it is crucial that people realize that they are not alone when it comes to personal debt. People all across the country are struggling when it comes to paying mortgages and bills. For many folks, mounting debt becomes a problem after losing a job, getting divorced or, as the case was for a whopping 54 million Americans last year, substantial medical bills.
A recent report by the Centers for Disease Control and Prevention suggests that about 20 percent of the U.S. population had difficulties paying their medical bills last year.
Many of these people are already trying to deal with medical conditions, recovery and even an inability to work as a result of a health problem. And about 41 million people had to deal with harassing calls from collection agencies during that time as well. Adding the expense of testing, doctor’s visits and treatment can make an already-stressful situation worse.
Too many people assume there is nothing they can do about financial woes besides avoid creditors, pull money out of retirement accounts, watch a home go into foreclosure or skip paying certain bills. But there are other options available to people with medical debt that can help them make a fresh start. Filing for bankruptcy, for example, can be an appropriate option for many people who are looking to discharge medical debt. Other solutions are also available and people can work with an attorney to find the most effective solution that can help them deal with debt and move forward.
Source: Los Angeles Times, “How to stop medical bills from going to a collection agency,” Lisa Zamosky, July 5, 2013