Here at Economy Watch, we’ve covered the consumer debt topic extensively, particularly the rise of credit card debt and the phenomenal growth of student loan debts. However, did you know that many Americans are also afflicted by debt due to their medical expenses?
Medical bills can add up quickly, particularly for illnesses that require constant treatment. Like any other form of debt, such bills can chalk up a huge medical debt which adversely affects
credit scores. It is interesting to note that illness and medical bills accounted for 62.1 percent of all bankruptcies in 2007.
Of those debtors, less than 25 percent were actually uninsured.