Is This Why Credit Card Debt Keeps Rising?

From The Motley Fool:

It’s no secret that Americans seem to have somewhat of a credit card abuse problem. Not only did consumer debt recently reach an all-time high, but the average indebted household is currently carrying a balance somewhere in the ballpark of $15,000 to $16,000.

When we think about why so many Americans have wound up in this predicament, it’s easy to point one finger at overspending, and another at inadequate savings levels. And to an extent, both would be correct. But new data from NerdWallet¬†reveals that there may be a lesser-known culprit to blame for our collective debt problem: medical expenses.

Over the past 10 years, medical costs have increased 34%, which is more than any other spending category the typical American is subject to, such as food, housing, and the like. The problem has gotten so bad, in fact, that these days, up to 27 million consumers are putting their medical bills on their credit cards.

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