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Medical debt leading to damaged credit reports across the country

It seems that just about everyone is living in debt these days. There are constant reports of people struggling with their finances and all the problems that come because of those financial issues. One of the many issues that people in debt in the Tampa area face, as well as anywhere else, is the negative effect debt has on their credit report.

Although other types of debt may come to mind first, the fact is, millions of people in the United States are behind the eight ball when it comes to their unpaid medical care. The reasons for that debt are many, but the rising cost of healthcare and some questionable decisions and policies by healthcare providers are two of the most notable. Because of these issues many patients’ bills can quickly jump to tens of thousands of dollars.

Meantime, according to a new study by the Consumer Financial Protection Bureau, those large bills are leading to excessive medical debt. In turn, that debt is having a harsh effect on the nation’s credit scores. When a person has a bad credit score it can affect him or her in many ways, including the ability to get a loan. Medical debt was also the leading cause of bankruptcies in 2013.

Whether it’s medical debt, credit card debt or any other kind of debt, when a person in Tampa can’t get out of the red on his or her own, then he or she might have to consider filing for bankruptcy. Bankruptcy is a very serious matter and should not be entered into lightly. If you’re having trouble paying off your medical debt and have considered bankruptcy, then you might want to speak with an experienced bankruptcy attorney first.

Source: PFhub, “Study finds medical debt ruining American credit reports,” Andrew Moran, June 1, 2014.

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