Americans everywhere deal with debt issues on a daily basis. For some, primarily younger people, the primary concern is student loan debt. For others, the primary concerns are mortgage debt, credit card debt and auto loan debt. However, for older Americans, there is another type of debt that could be the primary point of concern: medical debt. So, for Illinois residents who are facing problems with medical debt, what options are available?
The primary option is to buckle down on the finances and prioritize paying off this debt. However, that can be easier said than done. Approximately 17 percent of people aged 55 to 64 have some medical debt, while another 9 percent of those aged 65 and older have medical debt. What is the primary obstacle for older people when it comes to making a plan to pay off medical debt? Retirement. They may be accumulating this debt at a time when they are winding down a working career, and thus winding down earning potential.
For Illinois residents who are facing problems with medical debt, another option is to consider filing for bankruptcy. Medical issues can mean that Illinois residents are unable to work to earn an income to pay off doctor bills. If that is the case, a bankruptcy filing may result in getting debt relief when no other options are available.
Illinois residents have options when it comes to medical debt. But, the one option that should be avoided is the “sticking your head in the sand” approach of just ignoring the problem. It will only get worse. So, it is a good idea to explore all debt relief options.
Source: salina.com, “5 debts you need to tackle before you retire,” Cameron Huddleston, Feb. 19, 2017