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Medical Debt Is The Most Common Cause Of Bankruptcy

On Behalf of | Feb 10, 2017 | Credit Card and Medical Bill Debt

The past year has proven without a doubt that the country is deeply divided on nearly every political and social issue that America currently faces. If there is anything that it seems like everyone can agree on, one way or another, it is that the cost medical care in our country is simply astronomical. While this is not the forum for determining exactly how to fix this issue, it is worth acknowledging that medical expenses are the number one leading cause for bankruptcy filings in the nation. If you have had your life devastated by medical debt, you can take some comfort in knowing that you are by no means alone.

The heartbreaking reality for many people is that they find themselves caught in a seemingly endless cycle of debt from medical expenses. It is easy to overlook just how serious this issue can be until you find yourself face to face with it. Even if you are a reasonably careful person in your spending habits, one poorly-timed medical expense can change your entire life. The outrageous costs that can arise from a simple medical procedure can derail the most cautious of budgeters.

Sadly, many people face serious medical debt and feel they have no other option but to charge it to credit cards. With credit card interest regularly between 20 to 30 percent, a medical bill of even a few thousand dollars can go up quickly (and what medical bill isn’t at least a few thousand dollars?). If you are feeling overwhelmed by medical debt, a bankruptcy may be just the procedure to help you get control of your life back.

Medical debt can easily add tens of thousands of dollars to your personal debt load, and do so in the blink of an eye. If you find yourself drowning in medical debt, don’t wait any longer than you have to to get the help you need. With proper guidance by an experienced bankruptcy attorney, you can reclaim your finances and reclaim your life.