One-third of US credit cardholder debt is from medical bills, survey finds

Medical costs play a large role in the debt load of many American credit card users, according to a 2019 CompareCards survey.

The October survey of 764 credit cardholders found that a third of cardholders are in credit card debt due to medical bills. And of the people who used a credit card to pay medical costs, nearly one in 10 owe at least $10,000.

Four other key survey findings:

1. People are using credit cards amid the high cost of medical care in the U.S. More than half of credit cardholders (56 percent) reported paying medical costs with a credit card a some time in their lives, and more than half still owe money because of that decision.

2. Credit card needed to afford medical care. Nearly six in 10 people who used a credit card for a medical bill said they would have been unable to afford their medical costs without using that option. But about 60 percent of credit cardholders said they used their cards to earn card rewards.

3. Regret over credit card use. Thirty percent of credit cardholders said they regret using a card for medical costs.

4. Cardholders with medical credit card. Researchers said their data indicates about 18 percent of credit cardholders have a medical credit card.

Read more about the survey here

 

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