• 27
  • January
    2012

People here in Omaha know the medical care is expensive. They also know that credit card debt can quickly mount in no time at all. Hopefully, they have not had to learn these lessons the hard way, but if a new report is any indication, an increasing number of Americans are being put into a position to do just that and may need to resort to bankruptcy as a result.

The report found that first, more Americans are having trouble paying medical bills because the cost of care is going up, as is the price of health insurance. That may not exactly be news, since we have heard that before. But its second finding is more alarming - it seems that more and more people are resorting to credit cards to pay these bills.

While it is true that credit cards should be used for emergencies only, a costly medical bill will take a long time to pay off and will accrue interest all the while. That means many people may be pushed into bankruptcy if they cannot find a better option.

As far as numbers go, the report claims that 25 percent of Americans are having trouble paying their medical bills. Of those people, two-thirds of them have health insurance, so clearly it is not only the destitute and impoverished who are struggling.

Bankruptcy itself is not necessarily bad. In fact, for some people it can be just what the doctor ordered. But any time you are forced into something rather than doing it by choice (as you would be if medical bills pushed you into bankruptcy) you lose control and have to do without options. One way to prevent that from happening might be to speak with a bankruptcy attorney.

Source: Health Day, "More Americans Paying Their Medical Bills With Credit Cards," Amanda Gardner, Jan. 16, 2012