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August 2017 Archives

Medical debt: an end in sight?

Surgeries often come with a variety of complications, including challenging physical therapy and alternative, doctor-ordered regimens. Yet millions of Americans also face medical debt post-surgery -- debt that can linger for years after a medical procedure. This type of financial predicament is no stranger to the state of Mississippi, which is known for having the highest medical debt in the country. While reasons why so many in the state are affected by overdue bills are complex, some experts point to limited insurance coverage and the debt that ultimately affects hospitals.   

Can creditors still collect after a repossession?

We sometimes have clients who are still dealing with bill collectors even though they have had property repossessed (such as a car or a boat) and the creditors are still trying to collect on the debt. The lender may also have “charged off” the loan, but the collection calls still come. For a consumer dealing with debt issues, this can be a confusing and frustrating experience.

New reporting rule will help with medical debt on credit reports

Medical debt can hurt almost as much as the condition causing it. As many as 43 million Americans have a medical bill in collections that has negatively affected their credit, according to the Consumer Financial Protection Bureau. The average amount in question was only $579, compared to $1,000 for non-medical debt. Even with the relatively low amounts at issue, the CFPB found that, for 15 million people, that medical debt was the only problem on their credit report.

Don't let college debt bury your future

Going to college is something to be proud of. Continuing your education is important to your future. You plan to study hard and graduate. Your endgame is to get a respectable job in your field. College is also expensive. There are options available to college students who qualify. Some students get scholarships and others get grants. You may have received these aids yourself. The reality is that many college students will have to take out loans to help pay for their college experience.

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Pond Law Firm
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Jackson, MS 39216

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