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When facing large medical bills, crowdfunding not the way to go

On Behalf of | Jan 19, 2017 | Medical Debt

Facing large medical bills can be very stressful for those in Davidson when they do not have the means to pay them. That is why some people turn to crowdfunding websites to try to raise money to help them pay their debt. However, a recent study has shown that crowdfunding may not be the best option, as the success rate is fairly low.

According to Money Magazine, only 11 percent of crowdfunding campaigns ever reach their goals. $15,721 was found to be the average amount people seek to aid with health care costs. Considering that 41 percent of all pages on crowdfunding sites are for the purpose of paying medical debt, this means that most of those people will need to turn to other sources to help pay their bills.

The medical costs that people are looking to cover through crowdfunding vary. Some families may need the money to cover everyday living expenses due to a loss of income stemming from a person’s illness, points out The Penny Hoarder. For others, the money is needed for the medical care itself, such as expensive drugs or lengthy hospital stays.

For those who do wish to pursue crowdfunding as a way to help pay their medical bills, there are some things they can do to make their push more successful. People who ask for money directly for themselves may find that they do not get as many contributions as those who create pages on behalf of a friend of family member. In addition, the average number of people who contribute to fully funded campaigns is 55. Therefore, it may smarter to target people who can contribute larger amounts rather than counting on a big number of small donations.


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