A Minnesota healthcare worker’s financial stability crumbled when medical emergencies struck her family twice. Jennifer Vall watched her debt pile up after her son received a leukemia diagnosis in 2020, followed by her own thyroid cancer discovery a year later.
Despite starting with excellent credit and no existing debt, the 37-year-old Department of Human Services training specialist found herself drowning in medical expenses totaling thousands of dollars.
“I was able to utilize my credit to survive because one thing with cancer is (that) bills don’t stop just because somebody gets sick,” Vall explained.
The financial burden took a severe toll beyond her bank account. Vall prioritized medical care and debt payments while neglecting her mental health needs.
Certified financial therapist Ashley Agnew warns that monetary stress manifests in physical symptoms. “When you’re under a great deal of financial stress, it does present physically in forms of insomnia, migraines, and relational troubles,” Agnew noted.
After struggling for years to reduce her medical debt, Vall eventually partnered with a debt management company to address her remaining $21,000 balance.
Financial experts recommend three essential steps for those facing similar healthcare debt challenges:
Begin by calculating your total debt amount, Agnew advises. Understanding exactly what you owe creates the foundation for developing an effective repayment strategy.
“It’s important to take a deep dive in. What parts of that are accumulating interest? How far out is the debt in the 30, 60, or 90-day cycle?” Agnew added.
Getting a comprehensive picture of your financial situation allows you to craft a specific debt elimination plan. Consider contacting organizations that specialize in creating manageable payment arrangements if needed.
During her son’s treatment, Vall purchased everything he wanted to comfort him through his difficult journey. Though her son has recovered, she now questions some of those spending decisions.
“At the time, it was rightfully so,” Vall said. “And looking back, I don’t know that I would have changed that. But part of me regrets doing that, (given) that he is here and there is more to be given to him.”
Agnew encourages people in similar situations to practice self-compassion instead of dwelling on past financial choices. Remember that you made the best decisions possible given your circumstances at the time.
While working toward debt freedom, consider defining your future relationship with money. This might involve setting concrete objectives like homeownership or focusing on intangible goals such as creating meaningful memories with loved ones.
“When you really take a deep dive into your money story and into your relationship with money, what’s really fulfilling?” Agnew said. “Sometimes it’s not a thing but an experience or a feeling.”
