Consumer Reports warns about taking on debt to pay for medical bills
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- June
- 9
Yonkers-based Consumer Reports is warning consumers stressed by medical bills not to get caught up in a new credit crisis that’s unfolding.
In a report in the magazine’s July issue, Consumer Reports explains how trusted names in the credit business, including GE Money, Citigroup, and Chase, are pushing high-interest loans for people who need to pay for medical procedures.
The magazine notes that consumers are putting $45 billion in medical costs on credit cards today, an amount it said could reach $150 billion by 2015.
The credit cards and finance lines being marketed to consumers with medical costs can come with interest rates of up to 27.99 percent if the balance isn’t paid off within a promotional time window, according to Consumer Reports.
The credit is being extended to people who need to pay for everything from cancer care to dental care to cosmetic procedures, according to the magazine.
Consumer Reports senior editor Andrea Rock notes that patients are in a “vulnerable position†when they get the sales pitch for the credit, often in a doctor’s office or hospital.
This entry was posted
on Monday, June 9th, 2008 at 10:48 pm by Julie Moran Alterio.
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