Those who struggle with debt may have accumulated it from many sources. Student loans, car loans, credit cards or even one’s mortgage can all make it difficult for a consumer to manage his or her finances. A common source of debt is medical treatment -- many Florida families may suffer from an unplanned or chronic illness that results in medical expenses that they have difficulty paying for and can cause them to go into debt. However, there are ways for those who are facing this situation to find debt relief.
Medical debt is one of the leading causes of bankruptcy in Florida and throughout the country. Why? In part, because medical care is terribly expensive and medical expenses are something that people rarely plan for - no one can predict a sudden illness or injury.
Getting rid of debt is usually a process that takes some time. In most cases, you have to work to get your balances down. If you are able to file bankruptcy, you could still have some bills that are still valid, depending on the type of bankruptcy that you file. Orlando residents might be interested to learn that the hard work of paying down debt is working. South Florida leads the country in consumer debt reduction.
Florida residents might be interested in learning about a new bill that was proposed to help protect the credit of consumers who have medical debt. Medical debt can do serious harm to a person's credit report. In addition, one in 10 insurance claims are incorrectly processed. This means that debt collectors are often working with account information that is potentially inaccurate or out of date.
A recent study indicates that there is a link between large amounts of credit debt and people not seeking out medical care when they are ill. Approximately 64 percent of those who did not see a doctor say they have a large amount of credit card debt. This group was followed by 58 percent who say they already have large medical debts and avoid seeking medical treatment. This topic may be of interest to Florida readers due to the large number of retired residents on fixed incomes.