Medical credit cards drive up healthcare costs

Finance


Health-only credit cards increase financial stress for hospitalized patients with medical debt, according to a newly released Consumer Financial Protection Bureau. (opens in new tab) (CFPB) report.

According to the same study, financial products sold to patients are typically more expensive than other payment methods, including traditional credit cards, with APR rates for cards often reaching 25% or more. The CFPB noted that medical credit card deferred interest claims totaled $1 billion.





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