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Tuesday, 16th January 2007

Borrowing to Stay Healthy: How Credit Card Debt Is Related to Medical Expenses

Borrowing to Stay Healthy: How Credit Card Debt Is Related to Medical Expenses (PDF; 1.41 MB)
Source: Demos
From press release:

Key findings from the report include:

  • Twenty-nine percent of low- and middle-income households with credit card debt reported that medical expenses contributed to their current balances. Within that group, 69 percent had a major medical expense in the previous three years.
  • Low- and middle-income medically indebted households had higher levels of credit card debt than those without medical debt--on average 46 percent higher. ($11,623 versus $7,964).
  • Low- and middle-income medically indebted households had higher debt-to-income ratios than non-medically indebted households.
  • Among the medically indebted, young adults between the ages of 18 and 34 had the highest level of average credit card debt ($13,303) of any age group. Credit card debt levels of medically indebted young adults ($13,303) were also considerably higher than credit card debt levels for non-medically indebted young adults (7,450).
  • The medically indebted are more likely to be called by bill collectors than the non-medically indebted (62 percent versus 38 percent).


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