🏥 American's Heavy Medical Debt
Key stats in CFPB’s comprehensive report: 👇
- A total of $88 billion medical collections.
- Even though it drops slightly in recent 3 years.
- Roughly every 1 in 5 adults reports medical debt.
- 58% of collections in credit reports are medical collections.
- Most medical debts are low tickets below $500, but 10%~ owns $1,500+.
- The South has more percentage of people with medical debt in collections.
CFPB will evaluate whether medical debt should be in credit reports, given that consumers do not have choices and visibility of the pricing.
Many lenders already do not count medical collections as a collections item.
(Graphs source: the CFPB report)