By Seven Weaver Producer
Consumer Reports
When you’re making a big purchase, like a car or even a flat-screen TV, you probably expect a pitch to take out a loan or sign up for a credit card. But what about paying for your medical bills? A just-released Consumer Reports’ investigation shows more and more people are being pressured to “charge it.”Consumer Reports
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Stumble It!When patients use a credit card to pay for medical expenses, they lose their ability to negotiate lower payments or a longer payment schedule. And that puts people at a serious disadvantage.
Consumer Reports says hospitals aren’t the only ones pushing patients to charge it. CapitalOne, JPMorgan Chase, Citigroup, and GE Money have all come out with “medical” credit cards or loans. They promote them to doctors, who in turn offer them to patients.
One card offers “attractive rates on cosmetic procedures.” Another touts this testimonial: “It helps us attract more patients and has increased our sales by 25%!”
Interest rates on those cards can jump up very high. The fact is credit-card companies make money, doctors and dentists get paid right away, but consumers can end up on the losing end.
You can find more advice on better options than credit cards for paying medical bills at http://www.consumerreports.org/cro/money/credit-loan/cr-investigates-medical-debt/overview/medical-debt-ov.htm?resultPageIndex=1&resultIndex=2&searchTerm=health%20credit%20cards
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