Debt (I owe to a hospital)

If your financial issues cause you anxiety, depression or insomnia, deal with them as quickly as possible so they don't prevent you from getting your finances in order. Check solutions for anxiety, depression, and insomnia.

Make sure you even know how much you owe, to whom, and what is the interest rate of a certain loan, credit debt or anything else. When you have a clear picture of all your debts, it will be easier for you to decide your next step.

DMP can be a great solution for you if you don't know how to deal with your debt. When you enroll in DMP, you receive free education, repayment plan, budgeting, intermediation between you and your creditors, and many other things. Check if you are eligible for DMP at credit.org.

Assess all your income and expenses. Hopefully, you will have something left after you pay for food, rent, bills, and any other expenses you cannot avoid. Everything that's left should go to debt repayment. When you know how much money you can use every month to repay your debt, you will also know how long will it take you to get rid of it and when can you start repaying your other debts, if you have them. This is good for you to know. And for your creditors as well.

For solutions how to generate extra income check No money problem.

You got some money you didn't expect as a birthday gift, work bonus, tax return, etc. Don't squander it on something unnecessary. I know it's tempting to use it on something else since this money is not a part of your repayment plan, but remember that your goal is to get rid of your debt as soon as possible. So stay disciplined and use this money to reduce your debt.

Debt settlement is one of the last options for getting rid of your debt as it will seriously damage your credit score. But, sometimes it is the best option for you. Basically, your creditors and you agree that you will pay a certain percentage of your debt and it will count as if you repaid your entire debt.

Before using this option, talk to your credit counselor to see if this is the best option for you.

It's not the most pleasant thing to do, but it certainly beats getting a high-interest loan from a bank or credit card company. Explain your situation to your friends and family and if needed, make an official agreement, with notary public present, so the person who lends you the money knows you are serious about repaying your debt to them. If needed, offer a collateral.

When you get a bill from a hospital, inspect it carefully and dispute anything that you think is exaggerated or not performed at all. Lots of time hospitals charge for services or products you never actually received. Don't hesitate to ask about anything that looks suspicious.

Some doctors and hospitals have a non-negotiating policy, but most of them will be inclined to give you a discount, rather than risking not getting anything at all. Talk to whoever is in charge of your bill about your financial hardship and inability to pay your bill in full.

To make your negotiating position stronger, find out what is the actual cost of medical services and products. It is usually a much lower amount than what you are charged.