The Leading Cause of Bankruptcy is Medical Debt

Medical debt is one of the leading causes of bankruptcy in the United States. According to the Kaiser Family Foundation, medical bills are the leading cause of personal bankruptcy in the US, with approximately 530,000 families filing for bankruptcy every year due to medical debt.

There are a number of factors that contribute to medical debt. The high cost of medical care is one of the main causes, as many people are unable to afford the cost of treatment. In addition, many people are unable to access health insurance, which can make it difficult to cover the cost of medical care.

The lack of financial support from the government is another factor that contributes to medical debt. Many people are unable to access government benefits that can help cover the cost of medical care, such as Medicaid or Medicare. As a result, they are unable to afford the cost of treatment and end up with medical debt.

Finally, the complexity of the healthcare system can also contribute to medical debt. Many people are unable to understand the complexities of the system and are unable to access the care they need. As a result, they may end up with medical debt they are unable to pay.

If you are struggling with medical debt, debt forgiveness may be another option. Forgivey is a great place to start.

Bankruptcy due to medical debt is a terrible thing to see in a country such as ours. This is a crisis that we need to address.