Better Business Bureau: Understand the terms of medical financing plans ...Middle East

Randy Hutchinson  |  Better Business Bureau of the Mid-South A report from the Consumer Financial Protection Bureau (CFPB) says that about half of U.S. adults have difficulty affording the cost of their healthcare. Research by Stanford economist Neale Mahoney found that Americans had at least $140 billion in outstanding medical debt in 2021.  Financial institutions and fintech companies are offering a growing number of payment options for medical bills, including medical credit cards and installment loans, to replace what used to be informal payment plans offered by medical providers. The CFPB says these products are generally more expensive than other forms of credit and worries that “

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