Here's Some Good News for People With Medical Debt

Here's Some Good News for People With Medical Debt

There's no question that healthcare is expensive, and sometimes, all it takes is an unforeseen illness or injury to send your finances on a downward spiral. Last year, 20% of Americans under 65 experienced difficulty paying their medical bills despite actually being insured. And of those, 63% depleted their savings to cover their healthcare costs, while 42% were forced to take on extra work to keep up with their medical spending.

Not only do countless Americans struggle with healthcare bills, but medical debt is actually the No. 1 reason U.S. adults file for bankruptcy. It's therefore encouraging to hear that come September 2017, consumers who are forced to take on medical debt won't have their credit damaged nearly as much.

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Source: Fool.com