The impact of medical debt on one’s overall debt situation can be immense. The Aspen Institute recently released its “Consumer Debt Solutions Framework, which identifies seven specific consumer debt problems – all amenable to solutions – that result in financial insecurity and damage well-being.”
“We are increasingly likely to incur debt from non-loan sources (such as an out-of-pocket medical expense or being hit with a governmental fine or fee).”
What causes such debt? The post notes: “Although at any given time some Americans are debt-free, most of us carry debt some or even all of the time. We borrow for various reasons, and we are increasingly likely to incur debt from non-loan sources (such as an out-of-pocket medical expense or being hit with a governmental fine or fee). While consumer debt is not inherently bad, it is a concern today because it has reached record levels, and its effects reach deeply into financial security, physical and mental health, as well as the broader economy. Consumer debt is a systemic problem with significant consequences, but there are systemic solutions.”
As part of their work. the Aspen Institute held “two panel discussions: the first will explore the causes and consequences of harmful consumer debt from the perspective of consumers and community leaders; the second will showcase the work of public and private sector innovators who are leading the way on solutions to various aspects of the consumer debt problem.”
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.