A recent media article on a debt-strapped consumer stresses the singular nature of medical debt and its often outsized effect on a person’s life.
We have stated in prior select posts that the consequences of medical debt can be severe, and we are certainly serious in noting that (please see, for example, our blog entry dated March 14, 2014).
If you incur a debt in Florida, the creditor has a certain amount of time to sue to collect that debt. Like all states, Florida has statutes of limitations to determine this time frame. Such limitations differ from state to state. For oral contracts in Florida, the statute of limitations is four years; for written contracts, the limit is five years. There are exceptions, however.
A cursory look at the central findings in a recent government report on a program established several years ago to help beleaguered home owners with their mortgages suggests that the predominant -- if not sole -- theme relates to foreclosure.
As this blog and numerous other sources have noted, student debt and medical debt are two causes of particularly acute financial stress for millions of Americans. There are scores of thousands of examples of graduated students who labor under onerous debt levels that greatly compromise their options and future potential. The same is true of many Floridians and other people across the country who are saddled with exorbitant medical fees.
As has been noted by national media stories and prior posts of this blog, Americans' financial problems that can potentially make things get a bit out of hand -- or flatly impossible to deal with -- can owe to one or a host of interrelated issues that result in a spiraling debt trap.
It is likely that the vast majority of Americans have not yet heard much, if anything, about an organization called Strike Debt, which is a group recently spawned from the efforts of Occupy Wall Street.
In the economic downturn of recent years, many Floridians and persons from elsewhere across the country have stated that it was a sudden and unforeseen job loss that created insurmountable financial problems for their family and resulted in bankruptcy. Others have noted that it was an unexpected expense or two that was charged on a credit card, with principal and interest payments subsequently becoming onerous over time and eventually beyond their means to pay.
When you or a family member is in need of medical treatment, your first concern is recovering from the injury or illness - everything else is less important. Often, the more serious the injury or ailment, the more expensive it will be to treat these conditions. Many people are unable to pay for the care they receive, especially if they do not have health insurance.
Struggles with debt (such as medical debt) can have many impacts on a person's life. A recent survey indicates that struggles with medical debt are something that many people in the U.S. are facing.