In the News

South Florida 100: As COVID rates drop, festivals, boat show and more are coming back

By: SOUTH FLORIDA SUN SENTINEL | Source: SOUTH FLORIDA SUN SENTINEL

The Sun-Sentinel reported, “Roughly 1 in 7 U.S. residents with a credit record has medical debt in collections.” That sounds bad, but it’s actually worse. My own firm, Debt.com, recently conducted a poll showing half of all Americans owe medical bills. And half of those owe more than $1,000. Surprisingly, these results had little to do with COVID – because medical debt was a huge problem before the pandemic. Student loans have been in the news as an especially dangerous form of debt. Well, settle in for the sequel: medical debt.

50% Of Americans Now Carry Medical Debt, A New Chronic Condition For Millions

By: Deb Gordon | Source: Forbes

Fully half of Americans now carry medical debt, up from 46% in 2020, according to new data from Debt.com, a consumer financial education company.

How coronavirus could damage Social Security

By: Brittany De Lea | Source: Fox Business

Funding for Social Security was on shaky ground even before the coronavirus pandemic began, but now concerns have been raised over the strength of the fund, with projections pointing to only a portion of benefits to be received. However, the major damage concern is the continued unemployment which reduces payroll tax revenues that fund the social security program. Find out more about potential impacts on the program’s future.

Should I take out a loan to pay medical bills?

By: Aly Yale | Source: Fox Business

Medical bills are the leading cause of bankruptcy according to the American Journal of Public Health. Personal loans may work to your advantage if you’re facing potential collections attempts. Aside from consulting with your medical provider directly, there are other options to consider if an agreement can’t be made.

Things To Cut Out Right Now To Save Money During the Health Crisis

By: Gabrielle Olya | Source: Go Banking Rates

The current health measures to prevent the spread of COVID-19 has caused unemployment to skyrocket, highlighting how crucial it is to reduce spending and focus on saving. GOBanking Rates spoke to financial and consumer experts to get their insight on which expenses to trim during the pandemic. and has forced many businesses to close or reduce workers hours.