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Why should you opt for a debt settlement when you have a credit card in your hand and the same can be used to repay the medical debts in full? Well, there is absolutely no denying that credit cards are commonly used to repay medical debt. However, more than half of those who declared bankruptcy because of excessive card debt confess that the payment of the medical bills was the trigger that pushed them over the edge.

This is because of the average amount payable by an individual after health insurance claims have been played out ranges around $15000 to $17000. In such a scenario, a sudden increase in the credit card debt by such a huge amount will definitely make it difficult for the individual to pay the balance on time.

Further, the absence of repayment will quickly cause the amount to go beyond the limit of the credit card account. Once this takes place, the balance will start increasing very quickly. Sooner or later, the individual will have to analyze and understand that bankruptcy is the only way out.

You can overcome all this by making use of debt settlement. You can rope in your card issuers for this task. You can negotiate with your issuers and indicate that you are suffering from a huge medical debt which you intend to pay using the card.

The credit card issuers will naturally be wary because they aware that medical debts often cause the card to lapse and go into default. You can offer to negotiate for settlement with the medical lender if the credit card issuer is also prepared to offer the same.

If you walk in to your medical lenders office and if you specify that you have received a 50% to 70% waiver from the credit card issuer and that you are prepared to settle the balance amount on time if you do get a settlement, you will find them prepared to listen to you with enthusiasm.

You will have to be proactive in this regard. However, this will be very difficult when you have a family member struggling for his or her health in the hospital. That is the reason why you should make use of the World Wide Web and identify a genuine debt relief company.

Once you have this information in your hand, the settlement company will take over and complete all the negotiations even as your family member recovers.

Source by Vikram Iyer

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