Graduating from college and getting a hospital bill right after is the most cruel way of introducing you to the adult life. 🤕 I am sure it sounds like a glitch in the matrix to you but that’s what happens to a lot of people. You need to act quickly in order not to hurt your credit score. Ignoring this problem is a mistake you simply cannot afford.
First of all, call the billing department of the hospital before anything else. Applying for a loan should not be the first thing you do because you should request a detailed billing. You would be surprised how much smaller your bill will become. Negotiating a smaller lump sum might also be worth trying.
In case you find that you have a considerable debt, a personal loan is a tool you might use. The fixed and predictable rates offered by banks such as SoFi or Marcus by Goldman Sachs are a good choice. Avoid payday loans because they are legalized extortion. Making monthly fixed payments is definitely easier than a single lump sum.
It should be noted that having a decent credit score is a necessary condition of getting good interest rates. If you don’t have one, a cosigner might be needed for you. Your parents might be your cosigners but you need to discuss the terms of repayment with them beforehand. Failing to repay this loan will haunt you for years.
Make sure that the interest on this loan is lower than the interest rate on your credit card. Otherwise, you will only transfer the debt. Make calculations of how much money you would pay during the time when you repay your loan. Calculations are boring but they save you money.