Minneapolis CNN—It was already difficult for businesses and households to borrow money earlier this year — but after the collapse of three US regional banks and a cascade of rate hikes by the Federal Reserve, getting money has become a little harder.
If you’ve ever filed for bankruptcy protection, there’s a good chance that medical expenses were a big reason why. For instance, nearly three-fifths of debtors in a 2019 NIH study either very much, or somewhat, agreed that medical expenses contributed to their bankruptcies.
Utah recently enacted a bill repealing certain provisions related to collection agencies. Effective sixty days after the adjournment of the legislative session, these provisions became effective May 3, 2023.
To mark Public Service Recognition Week, the U.S. Department of Education (Department) today announced that, as of the beginning of May 2023, it has approved a total of $42 billion in Public Service Loan Forgiveness (PSLF) for more than 615,000 borrowers since October 2021. This is a result of the temporary PSLF changes made by the Biden-Harris Administration that made it easier for borrowers to reach forgiveness. At the end of the previous Administration, only about 7,000 borrowers had been approved for the PSLF program.
Nearly 1-in-5 households in the United States has reported having some form of overdue medical debt. Patients and their families are contacted by debt collectors about medical bills more than any other type of debt, and it commonly results in negative information appearing on credit records. In fact, in 2021, 43 million people had allegedly unpaid medical bills on their credit reports.
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