Medical debt is crushing Americans across the nation.
Recent surveys have found that roughly a third of working-age Americans are struggling with medical debt, while more than half of Americans have been unable to pay medical bills on time or in full.
Indeed, the federal Consumer Financial Protection Bureau found that $88 billion in debt was reported on consumer credit records as of June 2021.
In September, the Biden administration announced it is drafting new regulations to bar medical debt from appearing on consumer credit reports. Lawmakers in New York and Colorado have already enacted legislation to do the same.
And that seems to be just the beginning. Several state legislatures have pending measures to tackle Americans’ medical debt and the impact it has on their lives.
Read the rest of this story at State Net Capitol Journal. Originally published Jan. 30, 2024; used with permission.