By Kimberly Gedeon
Americans just can’t seem to get a grip on paying their mortgages or credit card bills due to outstanding medical charges. Even with health insurance supplementing the costs, medical bills are the biggest cause of bankruptcies in the U.S., reports CNBC.
Unpaid medical bills are expected to drive nearly two million Americans to file for bankruptcy this year, a study by NerdWallet Health said. The findings also show that 56 million people — 20 percent of the U.S. population between the ages of 19 and 64 — will find financial hardship due to healthcare costs.
While most people assume credit card debt is the primary culprit behind bankruptcies, the towering debt is actually caused by skyrocketing health costs. “More than 11 million people will take on additional credit-card debt to cover mounting medical bills, ” CNBC added.
NerdWallet found that 10 million Americans will not be able to cover food, rent, and utilities due to these medical expenses.