Money for Fertility Treatments – Should I Borrow to Get Pregnant?

If you don’t have money for fertility treatments, should you borrow to get pregnant? Here’s what Suze Orman advised a woman who hasn’t been able to get pregnant after nine years of trying.

“From an emotional standpoint, it’s easy to say there’s no price too steep to pay [for fertility treatments to get pregnant],” says Suze Orman. “But you asked for my financial advice, so I’m going to respond from my head: I don’t think it’s wise to go into debt to finance in vitro fertilization (IVF).”

If you’re coping with infertility and want to stay hopeful, read The Belated Baby: A Guide to Parenting After Infertility.

And, here are a few options for coping with the cost of fertility treatments, from Suze Orman…

Should You Borrow Money for Fertility Treatments?

Here’s what one woman who can’t get pregnant says:

“My husband and I have been married for nearly nine years. After two miscarriages, we feel the best option is in vitro fertilization (IVF). The cost of this process is about $16,000. We went to a lending company, and all they can offer is $6,000. The rest is money my husband and I don’t have. We’re thinking about taking a credit card loan because we can’t hold out long enough to save the balance. Do we have any other options?”

Here’s what Suze Orman says:

Know your chances of getting pregnant with fertility treatments

Less than 40% of IFV procedures are successful for women under age 35. For women older than that, the odds decrease. Talk to your fertility doctor about your chances of getting pregnant – because conditions such as endometriosis, polycystic ovaries, fibroids, etc can reduce the odds.

To learn more, read In Vitro Fertilization – What Are Your Pregnancy Chances?

Crunch the numbers to see if you can afford a baby and loan payments

Can you afford to have a baby and pay back the money you borrowed for fertility treatments? If you don’t have the money to pay for in vitro fertilization now, will you be able to pay off the debt later? It may be better to save money for infertility treatments instead of borrowing it.

Avoid borrowing a cash advance from a credit card to get pregnant

According to Suze Orman, a credit card loan is the worst financial move you could make – even if you could get a $10,000 advance. The interest rates are often more than 20%, which means you’ll be paying off your debt for years. The minimum monthly payments on a $26,000 cash advance that charges 22% interest could be $480. It would take you more than 30 years to pay off your debt!

Be careful about borrowing money from people you know

Think carefully about borrowing money from friends or family for fertility treatments. Even if they can afford it, it may cause conflict and stress in your relationships. Loved ones often feel like they have to say yes to such a request, even if it damages their credit standing or financial situation.

Orman recommends waiting to get pregnant until you can afford infertility treatments without borrowing money from anyone. Even though your biological clock is ticking, you need to save money to have and raise a child.

To get a realistic picture of the price of getting pregnant, read How Much Do Infertility Treatments Cost?

If you have any thoughts or questions on borrowing money for fertility treatments to get pregnant, please comment below…

Source: Suze Orman’s Advice Column, O Magazine, June 2007.

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