Does Buy Now, Pay Later Offer a Practical Solution to Medical Debt?
Fintech seeks to gain traction in healthcare financing market
Medical debt is a significant problem that impacts the budgets and cashflow of millions of Americans.
A Consumer Financial Protection Bureau (CFPB) report indicates Americans have $88 billion in medical debt in collections on their credit reports.
That’s a big deal and it can be devastating for a family.
When allegedly unpaid or unresolved medical bills get referred to collections and reported to the credit reporting system, people face reduced access to credit, increased risk of bankruptcy, and difficulty securing employment and housing. These negative consequences can occur even when the underlying bill is erroneous, not owed, or unverified.
Can Buy Now, Pay Later Help?
I’ve written extensively about the rapidly growing popularity of Buy Now, Pay Later for consumer goods.
