Gen Z and millennials are skipping rent and mortgage bills to pay off medical debt
That's what a
on medical debt from HealthCare.com says, showing that among American adults with medical debt, about one-quarter of Gen Z and millennials skipped rent or mortgage payments because of their debt.that millions of Americans aren't able to pay off medical debt, anyway. About 58% of debt in collections stems from medical bills, according to the CFPB. About 43 million Americans have medical bills on their credit reports, with a cumulative outstanding medical debt of $88 billion.
That debt can tank Americans' credit scores, which is why some advocates say that medical debt shouldn't even be included on credit reports, given that it doesn't reflect choices that a consumer makes. While medical debt gets in the way of paying bills and securing a lease or a mortgage, millennials areat higher rates than ever. When they do manage to secure mortgages, millennials commonly report being"house poor," or as having little savings left after paying their mortgages and associated monthly expenses.
"Even a medical bill for a few hundred dollars can present major problems," the Kaiser Family Foundation, a nonprofit that reports on health issues, said in a recent
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