A new rule proposed by the Biden Administration could wipe medical debt off most credit reports.
About half of all Americans think it's important for the government to provide some sort of medical debt relief.The Consumer Financial Protection Bureau says most consumers can’t control their medical debt, an alarming statistic given that nearly one in five U.S. citizens have some form of medical debt.
It also shows that Black and Hispanic households carry more debt.The forgiveness is particularly favored in cases where a patient experienced health care fraud, or the patient was wrongfully billed. Other cases include if a patient has made on-time payments on an existing medical loan for 20 years, or their debt is big compared to their income.In Washington, most hospitals get significant tax breaks with the expectation they'll provide critical care to anyone who needs it.
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