Even with medical insurance, many Americans nevertheless still struggle with medical bills. Medical debt sours the credit record and lowers the score, both in Arkansas and nationwide. Most people live on a very tight budget that cannot handle a substantial extra bill that was not budgeted.
One of the great contributors to a person falling into serious debt is the cost associated with medical care. It is very expensive nowadays to receive medical care, even if you have insurance. To that point, 78 percent of people who file for bankruptcy as a result of medical debt also have health insurance. Just because you are insured doesn't mean your medical care won't cost a hefty sum.
Lets say that, for years and years, you are perfectly healthy. You work hard and play hard, but you also make sure that your health doesn't suffer as a result. One day, you get a sudden pain in your stomach that pops up every once and awhile. Then it starts becoming more frequent, followed by the pain increasing to the point where you know you can't put off a doctor's visit much longer.