The Dangers of Medical Credit Cards at SmartMoney.com
This is a new subject I had not heard of prior to two days ago on a news report from KOMO4 news. The story featured a couple of interviews with individuals who had been offered a differed interest rate credit card in order to pay for their medical expenses. The medical providers liked the plan because they got their money immediately. The featured story had a man who was making payments within the time frame to avoid the penalties and then had a payment posted one day late on his account and all of a sudden had a $2,000 additional fee tacked on to his balance!
KOMO issued a warning to all who are contemplating using these cards because they may be getting themselves into more than they had bargained for especially if they had ongoing medical expenses that were making timely payments difficult. A small bill could turn into a BIG problem!