Is Medical Debt Consolidation A Good Idea? The Pros and Cons

Medical debt is one of the most significant sources of financial stress for Americans. With increasing medical costs and the complexity of insurance coverage, it’s no wonder that many people are looking for solutions to manage and reduce their debt.

Health insurance’s purpose is to safeguard you from financial hardship caused by medical costs, but it doesn’t always fulfill that purpose. Even with insurance, 63% of adults still incur debt from medical bills, according to research from the Urban Institute.

One way to manage this type of debt is medical debt consolidation.

It is essential to learn how to navigate the process and understand if it’s the right strategy for your financial situation. Otherwise, you could face more issues in the long run.

This article will explore the pros and cons of consolidating medical debt so you can make an informed decision.