Report Shows 27 Million Paying Medical Bills with Credit Cards

“If the perennial debate over U.S. health care has shown us anything, it’s that the price of taking care of ourselves and those we love continues to rise. As a result, many people have fallen into what is called ‘medical debt,’ meaning that they are struggling to pay bills related to health care,” KIRO-TV reports.

“In 2015, the most recent year in which data are available, Americans spent on average $1,054 in out-of-pocket medical spending, according to Peterson-Kaiser… And what’s interesting is that the people who are falling into medical debt are not the uninsured — it’s the people with health insurance, according to the findings.”

“Doing the math, if that $1,054 figure was paid for via a credit card with a typical interest rate and the minimum amount due was sent in each month, that debt would accrue $471 in interest and take almost six years to pay off, NerdWallet calculates. The finance website found that as many as 27 million Americans were putting medical bills on credit cards.”

For more information on the issues surrounding medical debt, please contact RIP Medical Debt.