The Biden Administration is taking new steps aimed at cutting back on medical debt. Officials say these medical credit cards can lead to higher costs for patients when there may be other low to no cost alternatives.
is taking new steps aimed at cutting back on medical debt. Officials say these medical credit cards can lead to higher costs for patients when there may be other low to no cost alternatives.
CFPB officials say medical credit cards often deferred interest between six to eighteen months. But if you haven’t paid off the full amount by that time, officials say it’s a hefty price. The Washington News Bureau reached out to the top companies that offer medical card cards about this new effort. A spokesperson from CareCredit said “our financing offers have been around for decades, are well understood by consumers, and have saved our cardholders billions of dollars in interest over the years.”“Not just the emotional stress but people will avoid care or delay getting needed care so when they do it, it’s more expensive and their conditions are worse,” said Thompson.
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