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What are some of the consequences of having medical debt?

An unexpected illness or accident can result in a Tennessee resident spending time with their doctors and not at work. As a result, a number of individuals who incur medical costs find themselves facing significant debt when their bills begin to arrive. According to a study on medical debt, the presence of such debt in a person's life can have serious and long-term consequences.

According to the Kaiser Family Foundation and the New York Times study, about one out of every four Americans who incurs medical expenses has trouble paying those bills off. Of those who struggle to pay down their medical debt, nearly 90 percent of individuals claimed that their debt had a major impact on their families' lives. This includes individuals with and without health insurance.

For individuals who struggled with medical debt, many were forced to make difficult choices about their family finances. Around 70 percent of individuals chose to put off taking vacations and making household purchases because of their debt. Around the same percentage of individuals cut back on the purchase of necessities, such as food and clothing.

Some of the medical debtors attempted to improve their financial situations by borrowing money from friends or relying on their credit cards for purchases. Close to one out of every four medical debtors used money saved for other purposes, such as their children's educations or their retirements, in order to manage their medical expenses.

These figures demonstrate the very real problem that medical debt introduces into the lives of American families. Oftentimes, medical debt is a catalyst that forces families into difficult financial situations and to make hard decisions about their futures. When medical debt becomes a problem, it can be helpful for debtors to discuss their options with attorneys who work in the debt relief field of law.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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