Hi all,
Although I've had a few problems regarding credit in the past, I've always had adequate credit. After my parents' death I went into serious depression and made some stupid decisions. Then my husband died, and I decided to stay home with my daughters. As I didn't have medical insurance, multiple medical expense piled up on me. In addition, credit card debt increased too.
Then I went back to work just a year ago and thought I could out of debt. But due to my daughter's medical expenses, dental expenses and automotive expenses the debt increased all the more. We also went through a hurricane a little over a year ago as a result leading to even more expenses.
I've tried credit repair companies, but nothing seemed to happen other than me getting more statements and more calls. And these calls are very harassing. What am I to do?
Any advice on how to get started would be greatly appreciated.
Paying off debt and repairing credit
Hi Teagan,
As for the medical debts you can talk to the hospital's or doctor's office's financial counselor for help. You an discuss about your bills with the representatives there.
As for your other debts, you can negotiate repayment plans with the creditors. However, if repayment plan does not work out for you, you can consolidate these debts into one, so that the monthly payments get lowered. Moreover, instead of making several payments each months towards all your accounts, you will have to make a single payment. Debt consolidation thus helps you in paying off your debt, and saving money at the same time.
Thanks,
Aaron