Updated: Jul 28
Who Holds the Most Medical Debt in the US? Statistics and Figures
Medical debt affects millions of Americans every year, but certain groups are more vulnerable to this type of debt than others. Learn more about who holds the most medical debt in the US and how debt forgiveness agencies like Forgivey.com can help you overcome this burden.
Who Holds the Most Medical Debt in the US?
Medical debt is a growing problem in the United States, affecting millions of Americans every year. While medical debt can impact individuals from all walks of life, certain groups tend to be more vulnerable to this type of debt than others. In this article, we'll explore who holds the most medical debt in the US and what factors contribute to this problem.
According to a report by the Consumer Financial Protection Bureau (CFPB), low-income individuals are more likely to have medical debt than those with higher incomes. Specifically, the report found that households with incomes below $25,000 are twice as likely to have medical debt as those with incomes above $50,000.
Furthermore, low-income individuals are less likely to have health insurance, which can leave them vulnerable to high medical bills. In fact, the CFPB report found that nearly half of all individuals with medical debt did not have health insurance at the time the debt was incurred.
Another group that is disproportionately affected by medical debt is women. According to a study by the National Women's Law Center, women are more likely than men to have problems paying medical bills. Specifically, the study found that women are more likely to have medical debt in collections, have higher medical debt burdens, and face more severe consequences for medical debt than men.
This disparity can be attributed to a variety of factors, including the fact that women tend to have higher healthcare costs than men, particularly for reproductive health services.
In conclusion, medical debt is a significant problem in the United States that affects individuals from all walks of life. However, low-income individuals and women tend to be disproportionately impacted by this type of debt. If you are struggling with medical debt, debt forgiveness agencies like Forgivey.com can help you get back on track and start fresh.
For more information check out Forgivey.com. Forgivey.com is changing the way debt is dealt with. We are a modern solution to debt. The first-ever debt forgiveness agency. With Forgivey.com, it's simple. You become a member. We buy debt and we forgive it. No more harassing phone calls or threatening debt collectors. You simply get an email when a debt has been forgiven. So become a member today at Forgivey.com so we can work to erase your debts!
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Disclaimer: This is not legal advice.