Medical debt is one of the more stubborn types of debt for New Jersey residents to carry. High medical bills often lead families very deeply into debt.
The Centers for Disease Control and Prevention released a reported in January that states that one-quarter of all U.S. families had to deal with medical debt in 2012. It can be a very daunting task to deal with mounting medical bills.
A person who has a large amount of medical debt may end up relying on loans for assistance. Others may decide to take on even more debt by using credit cards to pay down overdue medical charges. Of course, this is a vicious cycle because credit card debt may then end up costing a family far more in the long run due to high interest rates.
Families who fall in the lower income brackets and families with children are particularly vulnerable to medical debt, according to the CDC. Some families may struggle with medical debt in part because not all members of the family are insured, or because members have different types of medical coverage, making it difficult to keep track of and manage out-of-pocket costs and deductibles.
It is a good idea for New Jersey residents to try to track their medical expenses carefully, but even those who are diligent with their finances can succumb to medical debt. A sudden illness or injury can strike anyone at anytime, leading to terrible debt. Those who struggle with medical debt and who are falling behind on their bills may benefit from bankruptcy. It is important to consult a skilled debt relief attorney before taking this step.
Source: The Louisiana Weekly, “CDC says 1 in 4 U.S. families faced medical debt crisis in 2012,” Alexis Taylor, Feb. 10, 2014