The burden of medical debt in the U.S. totals over $88 billion. More than 43 million people have medical debt on their credit reports.
Our people are more likely to have medical debt than the country’s population as a whole. It’s an ugly picture.
The COVID pandemic only increased the burden of medical debt of thousands of families. With the combination of medical fears and financial stress due to the state of the economy, our medical bills are just another burden on many struggling to survive as it is.
The three major credit reporting bureaus, Equifax, Experian, and TransUnion, have removed medical debts that went into collections but were eventually paid. In 2023 all unpaid medical debts up to $500 will be erased. And the news only gets better.
Nonprofit organizations like RIP Medical Debt have also been working actively on freeing people from debt. They purchase delinquent bills at a discount from creditors and then pay off that debt on behalf of low income patients.
Erasing medical debt from credit reports will only work to keep more money in our pockets And that’s good for both our wallets and our well-being.