For many people, the thought of taking on any more debt can be a daunting proposition. With high interests rates on credit card debt, many Florida residents simply cannot afford to take on any more debt that could result in them falling further behind then they already are. This may even be true when it comes to seeking medical care. A recent study revealed that those with significant credit card debt are less likely to voluntarily seek medical treatment then those without such debt.
It was reported that 64 percent of individuals who were ill but did not seek medical care were on the hook for credit card debt. This number far exceeded those who were indebted for car or home purchases. However, despite the need for those in serious credit card debt to avoid the cost associated with receiving medical care, it was found that this could actually be detrimental to their long term financial wellbeing.
Those who forego medical treatment are often subjected to their conditioning worsening. Understandably, this can reduce their ability to earn a living. The inevitable consequences puts individuals into a more precarious situation concerning their finances than if they attempted to shoulder the medical debt earlier — even while they tried to manage their credit card issues.
No Florida resident should be forced to choose between receiving the proper medical care and being able to stay up-to-date with their credit card debt. If this debt becomes too much to handle, it may be time to look at other options. This could include a bankruptcy filing, which could give the individual the breathing room they need to address their immediate needs.
Source: Fox Business, “Credit Card Debt Causes People to Forgo Medical Care,” Martin Merzer, May 21, 2013