Nearly 20 percent of U.S. consumers with credit records — 42.9 million people — have unpaid medical debts, according to a new report by the Consumer Financial Protection Bureau.
The findings suggest that many Americans are being trapped by debt because they are confused by the notices they get from hospitals and insurance companies about the cost of treatment. As a result, millions of Americans may be surprised to find they are stuck with lower credit scores, making it harder for them to borrow to buy a home or an automobile.
Medicynical Note: Not only do we have the most expensive, inefficient health care non-system in the world, but we also lead the world in medical debt and bankruptcy (a category of bankruptcy unknown in other industrialized countries). Even with the Affordable Care Act, this problem persists.
Instead of doing something about it our new republican congress wants to make it worse by doing away with the Affordable Care Act (the only progress in 30 years) and replacing it with …………….nothing. Amazing.
America isn’t fit to lead the world until it gets it’s own house in order.