Many of the card companies and some of the practitioners who offer them are under scrutiny for deceptive and sometimes fraudulent practices.
Think hard and read the fine print before you sign on the dotted line.
According to investigators and patient advocates who have worked with consumers to resolve problems, patients frequently aren’t even aware they’re applying for a credit card; many think they’re providing financial information to work out an extended payment agreement with their doctor or dentist.
Many cards promise interest-free borrowing as long as consumers pay off the amount owed within a specified time, say six months or a year. But consumers who don’t pay off their debt within that time frame often get hit with interest charges exceeding 25 percent on the entire amount, back to the original date they purchased the services. Other consumers have discovered they’ve been charged thousands of dollars for work that hadn’t yet been done.
As health-care costs continue to rise, more people are struggling to cover their medical bills. Using plastic may seem like a good–and sometimes the only–solution. But there are better options, say patient advocates. The
simplest: Ask for an extended payment plan.
Story by Michelle Andrews for the Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/30/AR2010083003971.html
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I signed up for Care Credit underwritten by GEMoney Bank, which was offered by my dentist to help pay off a large dental bill. The agreement was that I was to pay off the full amount in a year. The monthly payments, I unfortunately didn’t add up, were far too low to pay off in full by a year. In fact my balance at the end of the year was only half of the amount owed when I started My fault for not checking. However, when the year was up +8 days I tried to pay to balance in full. They told me that I owed an additional $400 which was 29.99% finance charge NOT on the remaining balance, but on the daily balance since I opened the account. There was no grace period for going 8 days over the year.
After hours on the phone with them, I finally got them down to $250 as a finance fee. I checked the website for my balance to report a 0 balance and asked for something in writing confirming that my account was paid in full. A week later I called to tell them my account the website still reported a balance. They said they would take care of it and to check back in a few days. I wanted something in writing to confirm also and they said it would take 30 days. Finally, my balance online reports a 0 balance after yet another conversation and I still have not received anything in the mail. I also asked them to close out my account online and they said they could not do it.
I’m not sure who I’m writing to, but feel free to contact me for any more information.
Thanks, Kim Foster