Is it advisable to offer a security to your medical institutions or doctor to convince them to go easy and slow on debt collection? On the face of it, such a solution may seem like the perfect way to solve all your debt problems. All you have to do is assign an asset to the medical institution and give it permission to dispose off the same in event of non repayment of the debts. In exchange of this, the interest rate charged on the loan will be very low and the intensity of debt collection efforts will be low as well.
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However, such a move is fraught with risk and harmful consequences. You should remember that medical debts happen to be the primary reason behind bankruptcy in the country today. Of course, credit card debts too play a major role.
However, the biggest problem with medical debts is that the productive member of the family may easily fall ill and may become unproductive. This leads to a sudden and instant drying up of monthly income for the family. More often than not, it is this problem that compels well disciplined families to opt for bankruptcy.
Once the monthly income stops flowing in, the expenses start pinching and it becomes next to impossible to repay the debts on time. The worst fact is that the problem has arisen not because of indiscipline but because of sheer bad luck.
Further, even if the individual starts earning again, there's no guarantee that he or she would operate at the same efficiency. Employers are searching for excuses to send employees away in today's recessionary times. In such a scenario, prospect of a long unemployment combined with huge medical bills is always a scary probability.
If you hand over a valuable asset of yours to your creditor just to avoid possibility of strict collection, you may find yourself in deeper trouble when things go really bad.
Instead, it makes more sense to make use of various debt relief options available in the market. Do you know that you can demand a waiver ranging from 50% to 70% of the amount owed and actually obtain the same? This is one option that has become very popular in recent times.
There are many reputed professional organization specializing in this task. If you are not aware of these technicalities, just employ professionals and watch your debt problems disappear, medical debt included.
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