The Biden administration warned American consumers about the risk of medical credit credits, saying high interest rates could worsen the financial burden on patients. The Consumer Financial Protection Bureau (CFPB) issued a report Thursday that found people paid about $1 billion in deferred interest payments for health care charges using medical credit cards from 2018 to 2020. The watchdog agency also found that, when people use medical credit cards, their medical payments can shoot up by about 23 percent after accruing interest. "Our research suggests that many patients — specifically those who are unable to pay off a deferred interest product during the promotional period — can pa
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