Medical Debt Burden in the United States

Excerpt:  “Consumer Financial Protection Bureau (CFPB) research shows $88 billion in medical debt on consumer credit records as of June 2021. The total amount of medical debt in collections in the U.S. is likely higher, since not all medical debts in collections are furnished to consumer reporting companies. Most medical debt collection tradelines on consumer credit reports are under $500, although many people with medical debt have multiple medical collection tradelines. As of 2021, 58 percent of all third-party debt collection tradelines were for medical debt, making medical debt the most common debt collection tradeline on credit records. The next most common collections tradeline was telecommunications debt, at only 15 percent of tradelines.”