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Is crowdfunding the best option for addressing medical debt?

On Behalf of | Nov 10, 2017 | Blog

For decades individuals have utilized various methods of fundraising as a way to pay for activities or items. You may have participated in a bake sale, car wash or other similar event in your younger years or helped your child with such an endeavor more recently. Often, these fundraisers can help groups or individuals reach monetary goals in order to cover certain expenses.

In this age of technology, fundraising takes many different forms, and crowdfunding websites have become particularly popular. These sites can allow parties to reach people around the globe in hopes of obtaining donations for particular needs. Many parties even consider using these sites to cover their substantial medical bills. However, this option may not always be the best.

Crowdfunding sites

Because of the numerous crowdfunding sites that exist these days, you may think that creating an account in hopes of obtaining help with your medical expenses could benefit you. Some sites even specifically cater to parties hoping to gain help with such costs. The options available for crowdfunding may make it appear that this route is a viable avenue for meeting financial needs.

At first glance, the idea of crowdfunding may have considerable appeal. Individuals do not have to do as much leg work to reach numerous people as creating an online account makes the fundraiser available to people all over the world. However, there are some downsides to this type of fundraising attempt.

Cons of crowdfunding

Though a crowdfunding page may have the opportunity to reach more people than a local bake sale might, it does not necessarily mean that individuals will donate. Someone parties may only donate to causes they feel are particularly worthy, which means that a person may have a lesser chance of meeting a goal if he or she does not present the situation in an emotionally appealing way. Additionally, if you are not particularly savvy when it comes to online accounts or marketing yourself, you may feel at a disadvantage.

Dealing with medical debt

Unfortunately, even after their best efforts, many people find themselves facing overwhelming medical debt. Fundraisers and other actions may help cover some of the costs, but you may accrue outstanding balances that leave you feeling at a loss. If so, you may want to look into certain debt relief options, such as bankruptcy. This process could help you effectively address your debt in a reliable manner.


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