As Americans struggle to manage their budgets due to rising costs and high inflation, medical credit cards have become a common way out for people struggling to afford treatments, even with insurance. While it may seem like a quick way to pay for your healthcare needs, medical credit cards come with serious downsides and can cost customers more than they expect. While they seem appealing because they offer deferred interest, which comes with a 0% APR introductory rate, if borrowers can’t pay their bill in full before the end of the grace period, they are charged all the interest they accrued since the original charge rate.
Any charges on these cards are not considered medical debt but a credit card debt and that affects consumers' credit ratings. A better option is to ask your healthcare provider for a payment plan that fits your budget and avoid taking on more credit card debt that will cause not only financial strain on your budget but overall stress in your life.
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