Should I pay my medical bills with a personal loan or a credit card?

A 0% interest credit card could be a good option to pay your medical bills if you aren’t eligible for a payment plan or medical credit card. You’ll need good to excellent credit to qualify, though.

You'll most probably pay a higher interest with a personal loan, but personal loans also have a fixed term, ranging from one to seven years, for example, which allows you to budget for a monthly payment and pay off the loan within a reasonable amount of time.

Hi! I am so sorry you ended up in the hospital and now have to figure out how to pay the bill. I hope you are feeling better now. Dealing with medical billing issues can be so upsetting and difficult. The simple answer to your question would probably by to get the personal loan over using a credit card because personal loan interest rates are usually much lower than the 12% to 22% or higher that is charged by credit card companies.

However, you may have other options to try and reduce your bill or get financial assistance. Our WalletHub answer format is too brief for me to elaborate on possible actions you could take, but it might be worth taking a look at these articles to see if you could maybe end up paying less.

WalletHub – “Tips for Managing and Avoiding Medical Debt”

Credit.com – “Big Hospital Bill? Negotiate!”

Credit.com – “The Ultimate Guide to Solving Your Medical Bill Problems”

GetRichSlowly Blog – “The Shocking Truth About Medical Bills”

Again, I’m so sorry that you are burdened by this debt. I hope you can resolve it soon. Best wishes to you and thank you for writing.

I would first try to set up a payment plan with the hospital directly. Doing this allows you to avoid paying any interest. You should also find out what is involved in requesting hardship assistance. In the long run, either of these routes will serve you far better than a loan or credit card.