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Consumer Financial Protection Bureau
estimated patients used these products to pay for $23 billion worth of healthcare expenses between 2018 and 2020 and ended up paying $1 billion in deferred interest, . “Fintechs and other lending outfits are designing costly loan products to peddle to patients looking to make ends meet on their medical bills,” CFPB Director. “These new forms of medical debt can create financial ruin for individuals who get sick.”
Historically many healthcare providers offered no- or low-interest payment plans to lower income and uninsured patients, but they are being replaced by these credit cards and loans from third-parties, which can result in patients paying significantly more than they otherwise would, the report found. The CFPB said interest rates may vary, but a typical medical credit card charges around 26.99%, while the average for a regular credit card is around 16%.
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