What is Medical Debt?
Medical debt refers to money owed to doctors or other medical providers as the result of services rendered. Even when people possess insurance, they can still accrue quite a bit of medical debt. When customers must pay percentages of things like hospital care, they can leave hospitals owing a lot of money. People who lack insurance, especially those living in non-socialized medicine countries, can be in even worse condition after a hospitalization, and quickly owe tens of thousands of dollars in debt for a few days of care. In the US, half of all personal bankruptcies are the result of medical debt. Amounts can be so overwhelming that it would seem impossible to ever pay them. Sometimes bankruptcy is the best solution to getting rid of this debt, but it does come at a cost. Those who go bankrupt take a serious hit on their credit rating, which may significantly affect ability to get credit in the future, obtain jobs, or even rent an apartment or house. The trouble is many people view m
