In fact, medical debt is often not so difficult to address if you face it head-on and know where to start. This Toolkit provides a framework credit union staff can use to identify medical debt issues and help members resolve his/her medical debt. This toolkit will also help you understand how you can help members quickly reduce or at least limit some medical bills and therefore make a big difference in the financial situation and members’ peace of mind.
Medical debt is a widespread problem that can create havoc with people’s financial lives. If not dealt with, medical debt can snowball causing bigger problems. In fact, medical debt is the leading cause of personal bankruptcy in the United States. Yet medical debt tends to be talked about much less than credit card debt, mortgage debt and student loan debt. People are often so afraid of medical debt that they avoid dealing with it, which makes matters worse.