If you have a lot of medical debt, you must find a way to manage it. Medical bills can turn almost any budget into a nightmare of collection calls, dropping credit scores and even wage garnishment. All it takes to ruin your financial security is a big medical emergency or an insurance plan that does not do enough to minimize your burden.

The good news is that you may have a way out. Optimal Debt Solutions makes it easy for you to compare your options and decide which solution is right for your situation.

Medical Debt Settlement or Consolidation

Two of the most common options for handling your medical debt include debt settlement and debt consolidation loans. Debt settlement involves saving a lump sum of money that a debt negotiator can use to resolve your debt, usually for less than you owe. By comparison, debt consolidation loans for medical bills take your debts and roll them into one loan that you can pay off over time.

Understanding Your Options

The debt settlement process is relatively simple, but it takes time. If you choose this option, you will likely take these steps:

• Evaluate your debt and create a timeline for debt settlement.
• Open a savings account and start depositing monthly payments, instead of paying your creditors directly.
• Continue making deposits until ODS settles your debt
• Pay a fee for the service.
• Confirm that your credit report reflects the debt settlement.

If you’re considering debt consolidation for medical bills, you will need to apply for loans and choose one that best fits your financial situation. Since it is a loan, your income and credit may affect your options.

Benefits of Debt Relief Options

Debt Settlement

• Offers a single monthly payment based on an amount you can afford
• Eliminates debt for a fraction of the total
• Shaves months or years off other debt payoff plans
• Helps you avoid options that might damage your credit, such as bankruptcy

Medical Bill Consolidation

• Rolls multiple payments into one
• May offer a lower interest rate
• Makes it easy to plan your budget with a predictable monthly payment
• Allows you to maintain your credit, if you’re still making payments on time

Other Options

• Pay on your own
• Credit Counseling Program
• Bankruptcy

ODS Can Help You Find Medical Debt Relief

As a debt resolution company, Optimal Debt Solutions helps people find relief for their medical debt. If you are trapped in a cycle of late payments, we may be able to assist you in consolidating your medical debt and negotiate on your behalf to settle your accounts. When you are ready to discuss your options, contact us to talk to a Debt Analyst today.