Plastic Surgery Financing
If you have already obtained any of these procedures or are considering one in the future, the first thing you should do is understand how to manage your debt. The surgery or procedure may be elective, but paying for it is not. Here we help you compare some of the most common payment methods so that you can organize yourself and determine what is most favourable for you.
Medical Credit Cards
Credit cards specialized in covering medical costs on the surface appear to be a very good option. They are designed for this type of procedure, and you can easily find them at your doctor's office. They usually hook you up with attractive offers during an introductory period of 0% or very low interest. Depending on how long the promotional period is and how much you owe, maybe you can pay off your debt in the expected time. However, suppose you cannot pay the entire amount in the reduced interest promotional period. In that case, you will be responsible for paying the balance you still have outstanding plus cumulative interest on the entire debt.
The Credit Cards
Many people prefer to put this type of cost on a regular credit card that they already have or plan to obtain. Many times they make this decision without clearly thinking about the repercussions and without considering whether other financing options are available. The reality is that many providers of these elective services may be willing to work with you and offer you a payment plan with reduced interest, probably less than that of your credit card. You should discard your cards as a payment option since if you do not repay the cost of the procedure in a month, the interest accumulates. And if you continue to use your cards for other expenses, your balance will continue to increase, which would make this situation almost the perfect formula for you to get into debt.
Obtain A Home Equity Loan
Many people resort to taking out a home equity loan when they get new debt, especially when this debt is optional such as when remodelling a home. This type of loan, despite being very popular, is definitely not the best option since you use your property as collateral if you cannot pay your debt.
Borrowing money from family and friends is still very popular, even if they charge minimal interest. If you need the money immediately and have no credit, friends and family can bail you out. But this is not always a good idea either. If you are actually unable to pay for your procedure with what you have, committing to making monthly payments to a family member or friend may not be as easy as you anticipated. This situation can create an unpleasant dynamic and even ruin family or friendship relationships. Of course, we emphasize that this is when they are purely optional procedures that you can postpone until you are in a better financial situation or until you have saved enough to pay in cash.
Arrange With Your Doctor
One of the best options financially speaking to take care of paying for this type of procedure is to reach a payment arrangement directly with your doctor or provider. Generally, as we already mentioned, your doctor can offer you a more affordable financing option with lower interest (and sometimes no interest) than any credit card. In addition, they may be a little more flexible in the period of time they give you to pay your debt, and if you cannot pay a month, they do not take the drastic repercussions that credit cards use. Of course, the benefits and flexibility of financing the procedure depend on each provider and vary from doctor to doctor. But either way, you're probably better off working with them than with your cards or through a loan. Further, You can also get more ideas on how you negotiate your medical debt.