Millennials Rack Up the Most Medical Debt

A recent study shows millennials carry a greater amount of this kind of debt than older Americans, and incur it more frequently.

PBS Newshour: “Researchers looked for trends in Census data paired with anonymized 2016 credit records for more than 4 million Americans from the Consumer Financial Protection Bureau’s Consumer Credit Panel. With these data, researchers determined whether a past-due bill originated in a health care setting or elsewhere.”

“They found that one in six Americans have past-due health care bills on their credit report, a debt totaling $81 billion in all. More than half of those bills — 53 percent — amount to less than $600 each. These findings are consistent with a 2017 Urban Institute report that suggested medical debt is the most common financial burden in collections in the United States, a country where health care spending amounts to 18 percent of the nation’s gross domestic product.”

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