Nearly one-third of American workers have medical debt.
If they aren't careful, a single bill going to collections can drop a good credit score anywhere from 50 points to 100 points.
The most important step you can take is to be proactive with your creditors, according to financial expert and radio host Chris Hogan.
"Even if you can't pay, you can pay attention," Hogan said. Being upfront with what you can afford will often lead to creditors being more accommodating, according to Hogan.
Check out this video to learn exactly how Hogan recommends you negotiate what you owe and to see one of the biggest mistakes people make when settling their debt.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.