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A medical bill could put a strain on an individual’s finances, even if a person has quality insurance. However, there are steps that those in West Virginia and elsewhere can take to make it easier to manage such a debt. For instance, it might be possible to consolidate multiple balances into a single monthly payment. Debtors should consider that they will have to take out a loan to do so.

In almost all cases, individuals will have to repay that loan with interest. An exception could be a credit card that charges no interest for a period of time. However, individuals typically need good to excellent credit to avoid paying interest on a credit card balance. Typically, medical debts don’t accrue interest regardless of how long it takes to repay them. Furthermore, medical debt isn’t always reported to credit bureaus.

Of course, that could change if an account is eventually transferred to a debt collection agency. It can be a good idea to negotiate a lower payment amount or negotiate a payment plan with a debt collector in an effort to mitigate the impact that an account in collections could have on a credit score. Doctors and other service providers may also have payment plans for patients to help them take care of their debts in a timely fashion.

Debt consolidation may be an option for those who are struggling to pay medical or other debts. However, debt consolidation isn’t their only option. It may be worthwhile to talk with an attorney who might provide insight into how a debtor can manage his or her finances. For instance, it may be a good idea to consider filing for bankruptcy or liquidating assets to pay medical or other balances in a timely manner.