Latest trends are indicative of declining medical debts in the U.S as compared to the previous year. However, disparities with respect to ethnicity and race continue to be present.
According to the Consumer Financial Protection Bureau’s most recent survey of medical debt, fewer people have outstanding medical bills in collections on credit reports.
In the past two years, fewer Americans have been struggling with medical debt. According to recent data, there are now less than 8 million people with medical debt as compared to 2020.
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The removal of medical bills under $500 is anticipated to occur in 2023. About half of people who presently have medical debts on their credit reports will have them removed.
Despite these positive trends, data regarding medical bills still show some disparity.
Yet, what is to be tackled is the significant disparity shown in terms of medical debt from a race and ethnicity perspective.
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Further, most people who have medical debt frequently avoid any extra medical care they might require. Most also claimed they rely on over-the-counter medications or home cures. Often, medical advises are not adhered to.
Besides, the majority of people who file for bankruptcy continue to cite medical debt as a contributing cause.