i have medical bills from early this year and it totals to $6000, should i put them on my existing card or get another one? because the first one has $1000 spending limit. what do you think?
2007-08-05 09:49:28 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
With medical bills, you can call the hospital and make payment arrangement. There's no interest. Do not get a credit card to pay off your medical bills because you still pay for that after 5 years. Interest rate is high, why use credit card to pay off medical bills. They understand no one has $6000 laying around. Medical bills are over charged anyway.
I went to the hospital last year, the insurance paid part of it and I'm responsible for the rest. I called the hospital and spoke with them, they agreed $50 a month since I have other bills to pay. I'm still paying them every month on time as I told them. I was an out patient and they charged me $1000 for a room which I was there only 1hr.
Since you have a higher bill, they may want a little more but that $50 was my proposal and they accepted it.
Don't even think about getting a credit card to pay your medical bills.
2007-08-05 10:15:10 · answer #1 · answered by Summer 3 · 1⤊ 0⤋
It really depends. What are your interest rates on the credit cards? Can you set up a payment plan with your doctor's office/hospital to pay down the debt interest free. Will you be able to handle the monthly min payments on the credit cards. Will you pay more then the min payment each month?
If you have a card that you will have a low or no interest rate on for a certain period of time such as a year and you can pay it off during that time period then putting it on a credit card isn't a bad idea. It will help with a good payment history on your card considering you are not late.
2007-08-05 16:56:49 · answer #2 · answered by Amanda 3 · 0⤊ 0⤋
Don't Use A credit card to pay this!! The doctor or hospital should work out a payment plan with you at NO interest. I have been paying off a medical bill for three years now that was over 4K at $45 a month- I'm getting it dwindled down rapidly since I don't have to pay all that interest.
2007-08-05 17:03:06 · answer #3 · answered by littlemissdaisymae 1 · 1⤊ 0⤋
Well if you are going to use a credit card, your choice should be based off of the interest rates. You may actually want to look around because there are many credit card companies that offer a 0% interest for the first 6 months to a year. You could definantly save a lot of money on interest this way.
2007-08-05 16:53:38 · answer #4 · answered by eireaislinn 2 · 1⤊ 0⤋
No you will get much better rates with the people you currently owe. You may be able to talk them down on the total if you work out a payment plan. Don't put them on credit cards even if you had the limit since it would max you out and drop your score.
2007-08-05 16:55:27 · answer #5 · answered by shipwreck 7 · 0⤊ 0⤋
Putting these debts on a credit card will cost you another 20 to 24%, just go to the hospital where you incured the debt and make arrangements with them to pay off the balance, which will be at 0% interest..
2007-08-05 16:54:59 · answer #6 · answered by dr.pepper106 7 · 2⤊ 0⤋
I wouldn't use my credit card to pay my hospital bill, simply because of the amount (and the fact it's harder for the hospital to collect),
That being said, the decision to pay your regular bills with a credit card depend on a number of factors. If you pay your credit card OFF everymonth, then its a good idea because you have documentation; if not then its better to pay your bills with a debit card, check, or cash. That way you can pay what you can afford on your credit card without fear of getting into trouble.
2007-08-05 17:24:06 · answer #7 · answered by djajr 2 · 0⤊ 0⤋
Neither. Work out a pauyment plan with the hospital.
They will often discount that debt GREATLY if you talk to them. They are charging retail for those items knowing that they will have to cut them in half for most insurance companies.
Don't put them on a credit card and pay high interest!
2007-08-05 16:54:35 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Can you try direct loan from bank? Loan are likely to be less interest and the interest may be fixed. But if you can get CC with 0 APR intro for long time, you should think depend on your habit on CC. If I were you, I will find 0 intro APR (purchase, may or may not for Balance transfer: sometime they come differently) first and pay off all balance within intro 0 APR. If I can't pay within, I will find bank loan.
NEVER PUT BALANCE ON CREDIT CARD.
2007-08-05 17:08:07 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You are thinking along the right lines.
Apply for a card that is 0% interest on balance transfers. Pay the medical bills off that way.
2007-08-05 19:44:28 · answer #10 · answered by Anonymous · 0⤊ 2⤋