READY FOR A new type of plastic? Meet the medical credit card. These credit cards — which used to be marketed exclusively to those opting for elective surgery, like breast enhancement and dental veneers — are increasingly being shopped to patients struggling to pay for medical necessities.
Medical facilities used to partner with these patients to offer interest-free financing. But now more ask folks to sign up for a medical credit card as an alternative to having their accounts sent to collection, says Tim Robbins, director of counseling for Consumer Credit Counseling Service of Montana. The result? More people are paying high interest rates on health-care expenses they already can’t afford. (more…)