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Study: Half of U.S. households carry medical debt on credit cards Atlanta, GA

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Study: Half of U.S. households carry medical debt on credit cards

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In a recent survey of nearly 1,000 adults across the country, researchers found that credit card debt has declined, and that people are paying fewer late fees and generally using credit cards more responsibly. But the survey also revealed a problem that is indicative of a much larger issue in Douglasville and throughout the U.S.: nearly half of U.S. households carry debt from out-of-pocket medical expenses on their credit cards.

The survey, which questioned 997 adults who had carried credit card balances for three or more months, was an attempt to gauge the success of the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act. In many areas, the CARD Act appears to be successful. The average credit card debt has declined from &9,887 in 2008 to $7,145 today, and about one-third of households are reportedly paying down their credit card balances faster.

In addition, fewer than 30 percent of respondents stated that they were paying late fees, a significant drop from 2008’s 50 percent.

However, the survey showed that there are some issues that the CARD Act is simply unable to resolve. About 60 percent of the survey respondents said that medical bills contributed to their current credit card debt amounts, and more than three-fourths said that they had paid out-of-pocket medical expenses in the last three years.

What is the most disconcerting about the inability to pay for routine medical expenses is the very real possibility that it will affect health. About half of the survey respondents who had medical debt said that they had skipped a doctor visit, foregone a test or delayed filling a prescription in order to reduce or avoid medical costs.

Source: New York Times, “Medical Costs Contribute to Credit Card Debt,” Ann Carrns, May 22, 2012

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

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I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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