The number of people with medical debt on their credit reports fell by 8.2 million — or 17.9% —between 2020 and 2022.
White House press secretary Karine Jean-Pierre speaks during the daily briefing at the White House in Washington, Tuesday, Feb. 14, 2023. – The number of people with medical debt on their credit reports fell by 8.2 million — or 17.9% — between 2020 and 2022, according to a report Tuesday from the U.S. Consumer Financial Protection Bureau.
White House officials said the decline in debt could reduce fears about medical bills that can prevent people from making needed doctor appointments and filling pharmaceutical prescriptions. While economic measures such as the unemployment rate and inflation can swing up and down, the decline in medical debt shows that steady progress is being made. Some 13.5% of the 279 million people with credit reports had at least one medical debt, down from 16.4% in 2020 and 19.4% in 2014.
There is also evidence that the decline predates the Biden presidency. The amount of medical debt on credit reports fell to $111 billion from $143 billion between 2018 and the first half of 2021, according to a March 2022 report by the CFPB.
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