Paying for Medical Costs on a Credit Card

Posted by: Gene M. | Mar 31,2008


You know that old adage that you should never go the supermarket when you’re hungry?  Well, this is as bad for your waistline as it is for your credit card.  You shouldn’t go to the supermarket with your credit card either, whether you’re hungry or not.  The same goes for medical issues.  It’s generally recommended that you should not put health costs on a credit card whenever possible.  

Unfortunately this is not often the case and one of the major reasons that retirees fall into credit difficulty is for the sheer reason that they’re paying for mounting health costs on credit.  Too often I see people preparing for retirement based on the amount of money they need today, rather than factoring in how circumstances may change in the future.  Health costs are one of the major changes that retirees are going to face.  It’s almost guaranteed.  

If you’re worried about a health problem, this is the last time you should be reaching in your pocket for credit.  You should never spend on credit when you’re feeling desperate – it leads to bad economic choices.  If at all possible, you should take your time with the decision and see if there are any payment methods available. If nothing else, you could apply for a separate credit card with a low introductory APR offer, or a low interest rate overall, rather than put expensive health payments on a card with an unwieldy interest rate.  

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