Medical bills cause more bankruptcies

A study by CNBC estimates that 2 million bankruptcies will be filed this year because of medical debts. The rising health costs are forcing people to file bankruptcy due to financial burdens placed on them because of medical bills. Even with insurance, many face high deductibles that they cannot afford to pay out of pocket. Some turn to credit cards to pay the medical bills while others are forced to deal with collection agencies and even judgments because they cannot pay the bills. Either way, bankruptcy is a way out of debt for an increasing number of people with medical debts.

For the full story read, “Rising medical costs lead to bankruptcy for many in Texas.”

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