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Staying out of debt after an injury

On Behalf of | Apr 26, 2021 | Personal Injury - Plaintiff |

Being injured in a car accident or other unexpected event can not only wreak havoc on your health, but it can also severely impact your finances. You will need to take significant time off work to recover from your injuries, losing wages as a result, and you’ll also be subjected to medical bills and may need regular medication with a high price tag.

It can be difficult to stay out of debt when your cash flow is thrown off course in this way. The following is an overview of ways you may be able to avoid debt or manage your debt after an injury or accident.

Don’t put medical debt on a credit card

If you are worried about getting into debt, try not to use your credit cards whatsoever. Credit cards can be a great tool for those who have a healthy cash flow since they’ll have no problem making the repayments. However, they are often used by those who have no income. If you don’t know how or when you are going to be able to make repayments on a credit card, you should try not to use them, especially when it comes to paying medical bills, since you lose the protections that you might already have for medical debt. If you pay on a credit card, it simply becomes credit card debt.

Medical debts are not as urgent as other bills

No matter what, you need to prioritize the payment of your mortgage. Never let anyone trick you into believing that paying medical bills is more important than paying your car bills or mortgage bills. Hospitals can help you to get on a payment plan, and your bill may be able to be lowered through negotiation.

Do not take medical bills at face value: There are many things that can be done to lower them. Making a personal injury claim may also be able to help you gain the funds you need to satisfy them completely and pay off any remaining debt.

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