Updated: Jul 28
Medical debt affects a significant portion of the US population, leading to financial strain and health complications. Learn more about the statistics and figures surrounding this issue and how debt forgiveness agencies like Forgivey.com can help you overcome medical debt.
How Many People Go Into Debt Because of Medical Bills?
Medical expenses can be a significant burden on a person's finances. Unfortunately, it is not uncommon for individuals to go into debt because of medical bills. According to a survey by the Kaiser Family Foundation, one in four Americans reported difficulty paying for medical bills in 2022. This statistic is alarming and highlights the growing issue of medical debt in the United States.
The Extent of the Problem
The problem of medical debt is not limited to a small segment of the population. According to a report by the Consumer Financial Protection Bureau (CFPB), over 43 million Americans had medical debt on their credit reports in 2022. This number is staggering and shows that medical debt affects a significant portion of the population.
Moreover, the CFPB report also found that medical debt is the most common type of debt in collections. In fact, medical debt accounts for more than half of all debt in collections on credit reports.
The Impact of Medical Debt
Medical debt not only affects a person's financial well-being but also has other impacts. For instance, individuals with medical debt are more likely to delay or skip medical care due to financial constraints. This can lead to health complications and, in some cases, even death.
Furthermore, medical debt can also have long-lasting effects on a person's credit score.
According to the CFPB, medical debt in collections can lower a credit score by as much as 100 points. This can make it difficult for individuals to access credit, such as loans or credit cards, in the future.
The statistics show that medical debt is a growing problem in the United States. It affects a significant portion of the population and has far-reaching impacts on a person's financial and physical well-being. If you are struggling with medical debt, there are options available to you. For example, debt forgiveness agencies like Forgivey.com can help you get out of debt and start afresh.