Skip to main content

Nearly a third of American workers have medical debts, and over half of them have defaulted on the debt

Nearly a third of American workers have medical debts, and over half of them have defaulted on the debt
(Image credit: Getty)

It might not be the best news to wake up to on Valentine’s Day, but a new survey has revealed that almost a third of all Americans have medical debts. Even more shockingly, a staggering 54% of people with medical debts have defaulted on those debts. With debts like these on the rise, people are increasingly finding they need to turn to the best debt settlement companies for help or even payday loans.

The survey was conducted by Salary Finance , a global financial wellness company who questioned over 2700 U.S. adults, all of whom were working at large companies with at least 500 employees. It’s shocking that such a high percentage of employed Americans have health-related debts when you consider that the vast majority of workers should have health insurance under their company.

Speaking to CNBC, Salary Finance’s CEO, Dan Macklin, explained that “Even if people have insurance, their deductibles are going up and people are spending more on health care.” Macklin went on to say that “Across the country, across different income levels, we see the reason people are short on money and often need to borrow money is often related to medical debt.”

This news comes off the back of the report we covered earlier this week which showed that 49% of Americans with outstanding student debts actually owe more than they did five years ago. With college costs rising, prospective students are having to turn to the best student loans companies to cover their tuition fees.

Losing sleep over debts?

With debt issues becoming so prominent, it’s no surprise that people are losing sleep over their money troubles, as a recent study by the Better Sleep Council showed that people who sleep poorly are 1.3 times more likely to worry about financial issues.

If you find yourself with debts sprawling across multiple areas, be it student loans, medical bills or anything else then you can consider the best debt consolidation companies to help you bring all of your debts into one place. Always make sure you do your research before signing up with any debt consolidation or assistance agency and make sure it’s the right move for you.

Ian Stokes is the Tech Editor here at Top Ten Reviews. He has extensive experience in tech and games journalism, with work published on IGN, Kotaku UK, Waypoint, GamesRadar, Trusted Reviews, and many more. You'll find him covering everything from smartphones and home computers to 3D printers and headphones. He's also our resident cocktail expert.