You can negotiate the balance down with the hospital’s billing department, open a personal loan to pay the balance or pay your medical bills with a credit card.
First, try contacting your creditor’s billing department (your doctor’s office, a hospital, lab or similar facility) to try to negotiate the balance down. Hospital bill reduction is common, so give this a try before exhausting your other options. You may also be able to set up a no-interest payment plan through the medical provider.
Another option is to open a personal loan to pay your medical bills. You’ll end up paying interest on a personal loan, which means that the bill will cost more over time — and if you have poor or no credit, you may not qualify for a personal loan at all. But if you need quick funding and want a set monthly payment, then a personal loan can be a good option.
Finally, you can pay with a credit card. Some doctors’ offices partner with medical credit card companies, like CareCredit, which offer deferred interest for a set amount of time. However, if you miss payments or don’t pay off the balance by the end of the grace period, then you’ll end up paying interest and penalties.