Can’t Pay Your Medical Bills? Some Hospitals Telling Patients to Get a Loan

Written by adminMay 22, 2019
Loans

It’s difficult to know the exact number of people who are currently uninsured in the U.S., but estimates show that number can be anywhere between 20 and 30 million people.

Whether it’s because health insurance is too costly in this country, or people don’t think they need it, being covered is one of those tricky things that can ultimately hurt you if you’re not. Even if you do have insurance, there can be gaps in your coverage as well as high deductibles that can put you in a financial bind.

That’s what one woman from Arkansas found out the hard way! CNN reported a story of a woman who was three months pregnant and collapsed in a parking lot. She was rushed to the emergency room and despite having insurance, she still had to pay $830 out of pocket.

The hospital gave her two choices: pay the bill or get a loan through their financial institution. For most people, this sounds like a great deal. With the loan, you can still pay the bill, but on a more manageable scale.

Right now, around 20%-30% of hospitals are offering this financing option, but it leaves a lot of experts with a bad taste in their mouth. A lot of private doctors do offer services to help their financially strapped patients, but there is something to be said about pressuring someone, after an emergency, to secure a bank loan to pay the bill.

The Cost of Health Care

There’s more to the equation than the moral question of whether a hospital shall use high-pressure tactics to during/after an emergency. A lot of the problem has to do with the cost of health care. Most insurance companies can negotiate what they consider a fair price for the services provided.

If you immediately sign up for a loan with the hospital, you’re not going to get the discounted services. The hospital is going to use their own inflated price list, a cost most Americans cannot afford.

There are many Americans who also have high deductibles. One person in Florida had to pay $13,000 out of pocket for an emergency procedure. What is a person to do when most Americans don’t even have $400 in their savings?

Paying Back the Bill

The best thing to do if you find yourself in this situation is to be upfront and honest with the hospital. Tell them you cannot afford the bill. They often have other resources, such as financial assistance, government help, and can even screen the individual for Medicaid to see if they qualify.

If none of that works, then you might have to eat the bill. Rather than getting pressured into a loan that day, take the bill home and do your research. There may be local, state, and federal avenues that exist to assist you. Also, don’t be afraid to negotiate with the hospital on a better price. They want to get paid, so they might just work with you to get it done.

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5 Strategies that Can Help Prevent You from Going into Bankruptcy

Written by adminJuly 18, 2018
Credit & Debt

If you feel you’re at the end of your rope financially, you might think the only option you have is to declare bankruptcy.

It’s a scary option for many Americans. Dave Ramsey, the finance expert most of us have heard on the radio, says bankruptcy is on the list of some of the worst life-altering events we can face, right up there with divorce, the loss of a loved one, and getting sick.

Every year, close to a million Americas file for bankruptcy for a variety of reasons, like debt that got out of control or an unforeseen event that the individual wasn’t prepared for. Medical bills, for example, are often one of the major problems Americans face that often lead to bankruptcy.

Here’s the thing about bankruptcy: it’s not the end of the world. Life will be tough for a while, as your credit will have a huge black mark on it, but there’s no reason to fear it. There are strategies you can try to prevent bankruptcy from happening and ease the burden you currently feel.

Let’s look at five things you can try:

1) Debt Settlement/Consolidation Negotiation

Here’s one of the best things you can do to get rid of your debt. Your debtors and collectors want their money. They’re often willing to negotiate with you if it means they get paid back what is owed.

If you have more than one debt, you can consolidate those debts into one payment with lower interest. You can enter a debt settlement with your creditors that ultimately lowers what you owe and can reduce the repayment schedule to something more manageable.

Ultimately, these debts allow you to take charge of your debts and Financial Helpers is here to help you do just that. We love to help people get out of debt and have successfully negotiated with debtors to consolidate debt, lower payments, and even reduce the overall amount due.

To find out what your options are and to see how we can help, please give us a call at the number below.

Call Now 1-844-332-2079

2) Sell Property

This is a difficult step, but it can help you prevent bankruptcy. Bankruptcy doesn’t just clear away your debts as some people believe. All your property and belongings go up for review. The trustee in charge will decide what they want to liquidate to settle your claim.

Either way, it’s time to cut back on assets. If you can avoid bankruptcy by parting with stuff, do it. It’s time to make better financial decisions. Get rid of that second car. Sell the valuable antiques. An appraiser can help you figure out the value of your belongings. With bankruptcy, you’ll have much less control over what they decide to take to settle the debt.

3) Don’t Be Afraid to Ask for Help

Sometimes in life, we have to swallow our pride and ask for help. A sibling, parent, and close friends will want to help you get out from underneath this burden. There are other options as well, such as starting a GoFundMe and sharing it on social media. This is no time to let fear get in the way of something that can help you get closer to financial freedom.

Just be honest. People who love you will want to help. Most of us go though difficult struggles and loved ones are always there to help each other endure them.

4) Restructure Your Mortgage

 One of your biggest expenditures is your mortgage. By restructuring it, you can save a lot of money you can then apply to the rest of your debt. It also makes your monthly payments cheaper, so if you’re at risk for having your home foreclosed upon, this might be a great way to prevent that from happening.

You can also choose to refinance your mortgage, which means lower payments, but extended out longer. This will save you a bit of money on the front end. Once you pay your debts down, you can start making higher payments on the mortgage later to get back to where you were.

5) Make Sacrifices

This is the toughest option of all, but you’re going to have to do it if you want to survive without going it bankruptcy. Take a good look at your budget and see what you can get rid of. Again, do you need that second car? Can you carpool or take public transportation? Can you get rides from a coworker for a while?

Instead of eating out a lot, save money by cooking your own meals. Lower your cable package or cut cable altogether. Consider not spending money on a family vacation and instead, apply it towards your debt. If you can save money, do it! It’s a short-term sacrifice for big time results.

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4 Strategic Steps to Help You Get Out of Debt Forever

Written by adminJuly 10, 2018
Credit & Debt Settlement

The Federal Reserve Bank in New York estimates that the total amount of household debt in the United States has reached $13.21 trillion.

Debt is something we’re all ashamed of. We want to live the perfect American dream, but circumstances haven’t always been present in the last decade to make that happen. So, we’ve had to beg, borrow, and (hopefully not) steal to get by.

From credit card debt, mortgages, and auto loans to student debt, we’ve piled it on and can find ourselves drowning in it before even hit 30.

People who find themselves under mountains of debt struggle even more because they don’t know how to get out from it, especially if there’s a change in income.

What you need is a proven strategy designed to get you out of debt once and for all. Here are four steps you can take:

1) Start by Building Your Savings

One of the most important things Americans need to have is savings stashed away for a rainy day. Yet, according to a survey, the vast majority of us don’t even have access to $400 if we needed it. That’s a scary statistic!

You can’t gain financial freedom without having some money put away in case you need it. Believe, that day will come. That day could be today and you’d be out of luck. Talk to your bank and create a savings account where a certain percentage of paycheck is automatically deposited.

You’ll also want to start an account that’s designed for spending. You’ll probably have to live as lean as possible to get through your debt crisis while saving money for an emergency, but if you have a few extra bucks, toss them into the spending account and they’ll add up. You can use that money for whatever you want.

2) Consolidate/Restructure Loans

There are options out there designed to help you take care of your debts. Most people don’t even take the opportunity to check if they qualify for these options. Restructuring your loan can save you hundreds of dollars per month. Consolidating can combine several loans into one single payment.

One good way to determine if you’re ready for a restructure is by your credit score. If you got a loan when you were younger and your score wasn’t that good, you probably were slapped with high interest. As your score improves, you can be trusted and have your interest lowered.

If you wonder about qualifying for lower interest payments and whether you can consolidate, gives us a call here at Financial Helpers. We’ve helped thousands of people by negotiating better deals with their debtors and lowering their rates, saving them thousands. Call us at the number below today to see how we can help.

Call Now 1-844-332-2079

3) Attack Your Loans

If you have multiple loans and can’t consolidate them, then there’s a method available to help you decide which loan to tackle first. Garrett Gunderson, chief wealth architect at Wealth Factory, says the best way to do this is by using the “Cash Flow Index”.

Take the balance of a loan and divide it by the minimum monthly payment. The answer should determine which loan is eating most of your cash flow and should be paid off first. If it’s below 50, then that’s a high cash flow loan. If it’s over 100, then you have a more efficient loan.

The idea is to show you’re improving your debt to income ratio. Paying off the lowest cashflow loans first will help you do just that.

4) Be Wary of Investing in Assets

You might think having an investment is a great way to secure future wealth, but at the current moment, it’s dangerous to do, especially if you have high debt. The debt is seriously risking your family’s livelihood and needs to be dealt with. If you can, the best course of action is to cash out and put the money towards your debt instead.

“Money is so accessible and available. People have created a massive amount of debt because we’ve become a society that’s not about the cost of the purchase, but the payment behind the purchase. People look at what they might be able to afford based on the payment not considering any mishaps, emergencies or other issues that may happen along the way,” said Gunderson.

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How I Saved $30,000 By Refinancing My Student Loans

Written by adminJuly 3, 2018
Student Loan Consolidation

Michael S. Shares His Story with Financial Helpers:

Like so many other bright-eyed American teenagers, I graduated high school full of hopes and dreams for the future.

I was told the same story repeatedly. “Mike, if you want to be something, then you need to get a degree.” So, that’s what I did. I packed my bags, kissed my mom on the cheek, and headed off to architecture school.

I had a passion for art and felt I was doing myself a favor by channeling my modest skill into a lifelong career. I knew I wasn’t going to be the next Picasso, so architecture might be the next best thing. It pays well and housing market was booming!

Well, things change. I graduated from Lawrence Tech in the height of the housing crisis. No one was building, which meant no one was hiring fresh-faced architects right out of college who didn’t have a speck of work experience.

They tell you how easy it will be to get a job after your graduate, but they only do that to get you in the door. I must admit, I was growing increasingly frustrated and even downright angry.

I worked SO hard for my degree, putting in long hours and promising myself that life would be great once I graduated, but those promises didn’t line up with reality.

I tried to do it on my own, but had to ask my parents if I could move back in. I got a job at a local sub shop because they were the only place looking for help. It was incredibly disheartening.

Here I am, like so many other graduates, with a bachelor’s degree in architecture, working in a sub shop for minimum wage, and that’s not the worst part.

At that time, I had over $100,000 worth of student debt, which meant that most of my paycheck went towards that. There’s no way I could afford to live on my own and pay this debt, so home is where I stayed.

Eventually, things did get a little better. I had some work experience under my belt, was promoted to manager, which bumped my pay. I then moved on to a decent factory job. It wasn’t architecture, but I felt I was moving closer to reaching my goals.

Still, the debt was killer. It hung over me like a black cloud and kept me from being able to make important life decisions. Should I buy that new car? Can I afford to move out of my parent’s place? If I met a girl, would she understand my situation?

One day, I was browsing the net and came across Financial Helpers. I read an article about refinancing your student loans to get a lower overall payment.

I was floored! This is something the lenders won’t tell you about because they want you to pay the loan in full. The problem is, lenders don’t tend to trust kids with no job and no work experience, so they’ll pump up the rates to the maximum level.

When you graduate and are doing fairly well, that can change the equation. You suddenly become more trustworthy and can negotiate a better deal. That better deal means you’ll end up paying LESS interest and lower payments over the lifetime of your loan.

Not only did I reduce my monthly payment by $80/month, I was able to save $30,000 and pay off my loans much quicker. This is exactly what I needed to get on with my life, move out of my parent’s home, and let them retire in peace.

$30,000 is a lot of money. It’s nearly a full year’s salary. I can’t tell you how thankful I am to Financial Helpers and their ability to help me solve my student debt crisis.

I’m now married and I own a home, but I can’t help but feel bad for the current and future generations of kids who are going to be put through the same ordeal I went through, except for them, it will continue to get worse.

College is becoming increasingly expensive and student loan debt is skyrocketing. No one should have to graduate college with that huge burden on their shoulders.

My advice to students out there: Keep your head up and do your best. There is help out there. Sites like Financial Helpers are there to provide you with options you didn’t know you had and can be lifesavers to everyday people like me.

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You Won’t Believe How Much Debt Has Changed Since The Great Recession

Written by adminJune 28, 2018
Credit & Debt Settlement

The Great Recession that hit a decade ago was a tough time for millions of Americans.

One of the reasons for the recession can be explained is how Americans spent their own money. Debt (and debt payments) grew so large that there was a steep drop off in consumption. The situation was much more detailed than that, but household debt reached a peak and the trouble flowed in every direction.

If people weren’t spending money to pay off their auto loans, mortgages, and other debts, then those industries struggled to keep their head above water. As foreclosures continued to pile up, Americans ultimately spent less and less money.

It required massive bailouts by the federal government to get us out of the mess, but that doesn’t mean Americans have made smarter financial decisions to prevent another Great Recession from happening.

In fact, our debt is higher than it’s ever been in the history of this country. Mortgage debt is lower than it was in 2008, but all other forms of debt, like credit card debt, auto loans, and student loans, are 45% higher! That’s an absolutely shocking number.

We’ve been cranking up our debt at a rate of 3.4% each year and set to cross $15.7 trillion in total debt by the end of this month, which is a $1 trillion increase from what it was back in 2008.

Americans have always been in debt, and if often requires the government to take drastic actions to prevent us from entering another scary phase where millions struggle to make ends meet. So, while the Obama Administration helped us take care of a large chunk of mortgage debt, that freed us up in pursuit of other debts.

While jobs were laying off workers, many decided to go back to college and get a degree, leading to a shift in the type of debt Americans are accumulating. Currently, student loan debt is about 42% of the total amount of debt consumers have. Credit card debt is at about 27%.

The numbers have reversed in the last decade, as credit card debt was 42% and student loans were at 27%. 10.3% of our disposable income is going towards student debt alone, which is up from 6% a few years ago, a 130% increase since 2008.

75% of millennials today say they’re stressing big time over their student loans as they struggle to pay them back. They’re graduating college with all this debt, but not finding adequate work to help them pay off even the basic minimum they’re required, often throwing their loans into default.

The battle now within the government is how much they’re willing to help students overcome this massive burden. The Obama administration instituted several programs that are still available to this day, but the Trump administration has targeted their removal to help cut federal spending.

Trump has agreed to leave these programs alone for now, but no one knows what will happen when the 2019 budget is formulated. That leaves students with a short amount of time to get the help they need to pay down their student loan debt.

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Having Student Loans Can Make Buying a Home Impossible

Written by adminMay 10, 2018
Saving

Owning a home is part of the big American dream. It’s why we care about going to college and getting the best education money can buy. When it’s time to settle down and start a family, part of the process involves securing a mortgage.

Right now, millennials fall within this age group. They’re graduating college, but find that life outside the campus isn’t as easy as they first thought, forcing them to live at home.

The first issue is the current housing economy. Millennials are starting their families, yet they find that housing isn’t so easy to find anymore. When they do find something, the prices are through the roof. That’s because the high demand coupled with low inventory sends cost nearly to unattainable levels on its own.

The cost of rent is much higher. 23% of millennials say they felt forced to buy a home because rent was way too high. Rent has gone up in 85 of the top 100 cities, according to a survey from the Department of Housing and Urban Development.

This isn’t the only thing stopping millennials from buying a home. The other issue is their debt.

Currently, 62% of millennials have student loan debt, which exacerbates the cost of home ownership. 45 million Americans owe $1.5 trillion in student debt, as it was recently reported. It’s a new record that doesn’t seem to be going away anytime soon.

Almost 1/5 of those with student debt owe $100,000 or more. That’s a lot of money and it works against them when it’s time to buy a home.

A large amount of student will not only take a large portion of your income (if you’re paying back regularly), but also put a huge dent in your credit. If you’re credit isn’t in tip-top shape and you already have a large amount of debt, banks will be less likely to give you a loan.

Even if they do feel confident enough to do so, you can bet the interest rate will be enormous.

That’s why 80% of millennials blame their lack of home ownership on their student debt. Regardless of their need to escape high rent costs and/or they’ve started a family and need a bigger place, their student loans made their dream impossible.

Debt-to-Income Ratio

According to the National Association of Realtors, nearly 1/5 of those who can’t get mortgage approval are denied because of student loans. That’s because their debt-to-income ratio is way too high. Banks look it as unsecured debt, which is applied negatively towards the borrower.

If a large chunk of your income is going towards student loans, that means you probably don’t have much of an opportunity save money. If you can’t save, then you can’t afford a down payment.

85% of those with student loans say they delayed buying a home because they didn’t have the money for a down payment. Most former students pay between $350-$500 each month for their loans. That makes it extremely challenging to be able to throw down $40,000 for a down payment.

For this very reason, a lot of millennials turn toward their parents as a co-signer or for the loan.

The best thing for anyone to do after graduating college is to focus on their career and paying off debts. If your debt is getting the best of you and preventing you from having milestone moments, then you should get help in taking care of your loans.

The federal government has created several programs designed to help people pay off their debts faster.

For more information about these programs and to see if you qualify, call us today at: (855) 221-9282. Getting your student debt under control should always been your first goal, or else it will keep you from living the life you deserve.

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Trump and DeVos Still Want to Make Massive Cuts to Student Aid Programs

Written by adminApril 20, 2018
Student Loan Consolidation

Ever since President Trump was elected and sworn in, he’s made it his mission to hack and slash federal spending. We’ve seen attempts to make critical cuts to important programs, like public television and Meals on Wheels.

Sadly, the proposed cuts don’t end there, and it’s bad news for millions of students trapped under a mountain of debt. The programs he really wants to cut into are the student aid programs passed through during the Obama administration.

Last year, Trump set out to cut as much as $4 billion from those programs, but in a compromise move by the president, those cuts have been put on hold. For now.

The 2019 budget has the same proposals they wanted pass in 2018.

The 2019 proposal includes:
-Cutting loan forgiveness programs for public servants.
-Move the current five income-driven repayment programs into one where the monthly payments are higher, but takes much less time to pay back.
-Graduate students would take longer to repay their loans under this plan.
-Stops paying the interest on loans taken out by low-income students.
-No more debt forgiveness for social workers and teachers after 10 years of repayment.

“At a time when millions of students are struggling under the crushing burden of student debt, it speaks volumes that President Trump and Secretary DeVos are proposing $200 billion in cuts to financial aid,” said Democratic Senator Patty Murray this week. “This is a complete 180 from the agreement Republicans and Democrats made last week.”

2018 Budget Keeps Funding in Place

As President Trump begrudgingly signed the spending bill into law to keep the government from shutting down, it protected a lot of the existing programs he wants to cut. Rather than cutting the work-study program, the White House proposed using $300 million of the extra bill money to go towards it.

They’ve also decided not to cut programs like Gear UP that is designed to help poor students starting in middle school get prepared for college. Instead, it combines Gear UP with TRIO into a $500 million grant given to the states to dole out to kids in need.

Also, Pell Grants are safe for the time being. Part of the 2018 proposals looked to take $1.6 billion from the program, but the current budget leaves it alone. Instead, the budget aims to prevent more money from being pumped into Pell Grants by keeping the numbers right where they are. That means no adjustment will take place to account for later inflation of tuition.

That’s not a good deal, according to Jessica Thompson. She’s the Policy and Research Director at the Institute for College Access and Success. She says the Pell Grant right now barely does a good enough job at keeping needy students afloat.

“They aren’t making any of the critical investments in Pell grants, which is a huge missed opportunity. The current max grant is covering the lowest share of college costs in over four decades,” she said.

While President Trump wants to make cuts to Pell Grants, he also desires to expand the program to cover different trades and short-term certificates/degrees. He hopes this will spur on employment growth in skilled labor markets, such as manufacturers and construction workers.

The overall goal of Trump and Education Secretary Betsy DeVos is to bring back the Higher Education Act, which includes a lot of these cuts to student aid. At least for the next year, students have an opportunity to take advantage of the current laws to get assistance in paying their debts down.

To learn more about reducing your debt and how we can help, please call (844) 899 7540 today. We’d love to hear from you before the laws change for good.

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10 Ways to Save Money Each Month

Written by adminOctober 26, 2017
Credit & Debt Settlement

Saving money can seem nearly impossible when you don’t know what steps to take. Start with these 10 ideas to start spending less every month.

1. Consolidate Your Debt

If you have several types of debt, you can consolidate it into one account with a lower interest rate. Once you consolidate your loans, you only have to make one easy payment per month. As long as you get a lower interest rate, you could save hundreds of dollars a year.

2. Refinance Your Car Loan

Car loans don’t seem expensive when you get them. Those monthly payments add up quickly, though.
Talk to several banks in your area about refinancing your car loan. If one of them gives you a lower interest rate, then you can make your monthly payments more affordable. Even a few dollars each month will make a difference.

3. Find Cheaper Car Insurance

Take a few minutes to search for cheaper car insurance. Call your insurance company to ask them about a lower rate. You may have to increase your deductible, but it’s worth it as long as you don’t have an accident.
You should also get quotes from other insurance companies. You never know what kind of deals you’re missing until you get offers from several companies.

4. Consolidate Student Loans Into a Lower Monthly Payment

Repaying student loans can make it difficult for graduates to start saving money. You can often lower your monthly payment by consolidating your student loans.
When you consolidate your student loans, you could lock in a lower interest rate. Plus, you’ll only have to make one payment per month instead of worrying about loans from several lenders.

5. Use a Credit Repair Program to Get Lower Interest Rates

It’s hard to repair bad credit on your own. Consider talking to a credit repair program that will negotiate lower rates on your credit cards, loans, financed purchases and other debts. It helps to have a pro on your side.

6. Look for Cheaper Health Insurance

You can also save money by getting cheaper health insurance. Try looking for plans that don’t cover as many medical services. You can also increase your deductible to lower your monthly payment.
As long as you don’t get really sick or hurt, you won’t even notice the higher deductible.

7. Buy a New Car With Lower Payments

Sell or trade in your current car so you can get a vehicle with lower monthly payments. You’ll need to research several cars to make sure you save money, but it’s worth it. Plus, driving a new car means that you don’t have to pay a mechanic to fix mechanical problems that happen in older vehicles.

8. Get a Payday Loan Advance

If you can’t afford to pay your bills one month, get a payday loan instead of letting your credit report take a hit. Make sure you repay the lender as soon as possible, though, to avoid extra charges.

9. Find a New Credit Card With a Lower Interest Rate

It pays to shop around for a new credit card that gives you a lower interest rate. You’ll see a big difference in your monthly bill even if you only knock off a few percentage points.
Look for cards that will give you an interest-free trial period. That way, you can start paying off your debt without worrying about interest.

10. Take Your Lunch to Work

Grabbing lunch at a restaurant gives you a break from the workday, but it also costs a lot of money. Eating out for lunch costs about $11, so you can easily spend $50 from Monday to Friday. Taking your lunch only costs about $6.50.
Pack your lunch everyday to save about $90 a month.
It doesn’t take a lot of effort to save money when you know how to do it right. With these tips, you could start spending less and saving more!!

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