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Nearly 6 in 10 (58%) of those who’ve had medical debt and make $100,000 or more a year say they’ve had debt go into collections, higher than any other income bracket. Conversely, 46% of those ...
In a separate analysis, which included credit card bills resulting from medical procedures, KFF estimates that around 40% of American adults have some form of medical debt, or 100 million people.
Medical debt is consuming Americans, in fact, it is the number one cause of bankruptcy, because more than 60% of Americans deplete their savings due to some unexpected healthcare cost. [ 18 ] One thing that seemed to help the extreme debt caused by medical issues was Obamacare.
The Consumer Financial Protection Bureau, created after the Great Recession of 2007-09, has increasingly started policing the health care system.
Medical debt drives many Americans into bankruptcy. One 2019 scholarly paper found that more than half of bankruptcy filers cited medical expenses as a contributing cause. The agency said the new ...
While much of the focus on debt centers on mortgages, credit card bills and student loans, a new survey from the Kaiser Family Foundation spells out just how pervasive healthcare debt is in the ...
Even as America’s medical debt has morphed into a multi-billion dollar money monster, Vice President Kamala Harris has promised to kill the beast if elected to the nation’s highest office ...
More: 19 Ways To Tackle Your Budget and Manage Your Debt. If you are able to negotiate a payment plan for surprise medical expenses, Howard Dvorkin, CPA and chairman of Debt.com, recommends ...