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Medical debt and credit card debt in Georgia Atlanta, GA

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Medical debt and credit card debt in Georgia

Medical debt and credit card debt continue to plague the country, including those who reside in Georgia. Both can negatively impact one’s finances, but in distinctly different ways.

Medical debt and credit card debt continue to plague the country. Unfortunately, the residents of Georgia are not immune to these struggles. A recent article in USA Today reports that Georgia has some of the highest rates of credit card debt in the country. The state ranked number 7 with an average balance per credit card of $1,677.

NerdWallet, a personal finance website, also reported its research on the average national credit card debt and found the average household owes $7,283 on all credit cards held by the family. This number changes when the researchers focus on households that typically carry debt on credit cards. Families who carry a balance on their cards have an average credit card debt of $15,611.

Although these balances are high and may seem unmanageable, NerdWallet also reports that medical bills continue to outpace credit card debt. Within this report, it was found that approximately 20 percent of adults in the United States are struggling to make payments on medical bills.

How medical debt and credit card debt impact your credit score

Although medical debt and credit card debt are top causes of debt in the United States, they impact finances in distinctly different ways:

  • Budget. Although credit card bills are subject to varying interest rates, card holders generally budget and approximate monthly payments. This is not always true with medical debt. Accidents and health issues are often unpredictable, and the medical care needed to recover can vary. This can lead to large bills in a matter of days.
  • Collection. Collection agencies tend to receive a higher number of payments for medical bills then credit card bills. Approximately half of the bills sent to third party collection agencies are medical bills. Americans are estimated to pay three times more in medical debt through collection agencies than bank and credit card debt combined.
  • Impact. Both medical debt and credit card debt negatively impact one’s credit score. The Washington Post reports one in five Americans have medical debt on their credit reports, which translates to 43 million individuals. Although a higher number of medical bills are sent to collection, FICO places a higher weight on credit card bills in the calculation used to determine one’s credit report score. As a result, credit card debt is more likely to have a larger negative impact on an individual’s credit score.

These are just a few of the issues that can arise when attempting to manage debt associated with medical and credit card bills. Individuals that find these issues frustrating and unmanageable are not alone and many find relief by filing bankruptcy. According to the United States Courts there were 24,781 individuals filing Chapter 7 bankruptcy and 28,500 individuals filing Chapter 13 bankruptcy in Georgia from September 30, 2013, through September 30, 2014.

Legal counsel can help

Individuals struggling to meet financial obligations are wise to seek the counsel of an experienced debt relief attorney. A legal professional can review your unique situation and discuss the benefits of filing bankruptcy for a fresh financial start.

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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