James H. Monroe, P.A.
Call Us For A Free, In-Office Consultation
407-917-4147
No One Should Face Crushing Debt Alone

High medical costs increase credit card debt, may lead to bankruptcy

Medical debt can quickly send a person's financial situation spiraling out of control. Even one visit to the doctor's office could end up costing thousands of dollars. Many times doctors will do very thorough testing because of medical malpractice issues, but this can lead to large outstanding medical bills. A new survey found that almost half of low and moderate income families put medical expenses on credit cards and carry that debt.

This large debt can cause some families to seek relief from a dire financial situation. Chapter 7 bankruptcy relief can help families eliminate some debts which cripple their financial dreams. Many people fear that they are the only people that are filing bankruptcy and often feel embarrassed. The truth is many people are in the same situation.

With a rough economy and high unemployment many families find themselves fighting to stay afloat financially. In fact, 40 percent of households that carried debt on credit cards did so because they were unable to pay cash to cover basic living expenses. Adding to that, 62 percent of people who have had medical debt in the past three years say that it has contributed to their credit card debt situation. People often deal with their health first and hope to figure out the finances later, which can sometimes be difficult.

This shows that debt is often not anyone's fault in particular. There are many variables that can lead to a family's complex financial situation. Chapter 7 bankruptcy can help many people deal with their growing debt problem. An experienced bankruptcy attorney can help a family sort through the complexities and find a solution that can help their financial future.

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

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Debt-Related Questions? We Can Help.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

James H. Monroe, P.A.
651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Orlando Law Office Map