Are you worried about choosing medical debt settlement because of the negative impact on your credit score? Remember that medical debt on your head is always worse than having a huge credit card debt on your head. If you owe lots of money to your credit card issuers, you probably have utilizing money to purchase stuff or you have enjoyed services.
At the end of the day, you can always opt for bankruptcy and would still have received some benefit out of the entire transaction. On the other hand, a medical debt is and nothing but the bad news throughout. You incurred this debt to save your family member from a serious illness.
Secondly, you saw your family member suffer throughout the elders. Thirdly, daily life style went for toss as your family member stayed in the hospital. Fourthly, the postoperative expenses and the care and concern required in the recuperation process will take huge toll on your emotions.
All said and done, you will still have to face financial problems when the hospital debt is presented to you in the form of a bill. Considering all this, if you can avoid bankruptcy and if you can overcome all your hospital debt problems, you can definitely compromise your credit score.
This seems like perfectly adequate sacrifice on your part. The best part is that your chance of improving your credit score will increase the moment your family member gets back on track. Even if your spouse does not work, you will find yourself in a position to focus on your job as the spouse takes care of the home. All this will help you earn more money and improve your finances as quickly as possible.
If you opt for bankruptcy, you will lose credibility and reputation in the market. Of course, the bankruptcy was not your fault but it will be difficult for you to explain the same after 5 years when you meet a stranger who might have offered a job only if you had not opted for bankruptcy. A settlement is never going to have such a long term impact.
If you are still worried, you should employ the services of a professional settlement company to understand the various facets of the deal. As long as there is intense competition in the market, you can easily check out various services before you finalize a deal with a single service provider. This will give you adequate information to take an informed decision.