Mila Koffman of Georgetown University offers a strong warning against these new health care credit cards:
"If you can't afford the deductible, then putting the deductible on a credit card -- adding in the fees and the interest -- is the worst thing that you can do. That's not going to help you be able to finance your medical care. It's just going to get you further into debt."From a debt management point of view, it's never wise to use credit to pay for things you can't afford. Unfortunately, many consumers face the Catch-22 decision of maintaining their health or going into debt.
The article offers a few alternatives for paying your medical bills:
-Ask whether your healthcare provider offers financial assistance or a discount for charity patients.If you're forced to finance your medical bills, don't go into it blindly. Choose a health care credit card just as you would any other type of credit card. Avoid charging the medical expense until you have a solid plan for paying it off.
-Ask whether your physician has a payment plan that would allow you to spread out payments over a long period.
Choosing a Credit Card | Making A Get Out Of Debt Plan