A warning to those who aren’t aware of this latest scam game related to ‘paramecia’ (big pharma money games).
Medical debt can be debilitating. Nearly 100 million adults in the USA carry some form of medical debt, according to a 2022 Kaiser Family Foundation national survey.
If you’re having trouble paying your medical bills, it may be tempting to sign up for a medical credit card or medical loan offered by the health care provider. But Consumer Reports says there are severe drawbacks to them.
“These options can have high interest rates, steep payment penalties, and do damage to your credit,” said Consumer Reports Investigative Reporter Lisa Gill.
CareCredit is the largest medical credit card company out there and is a subsidiary of Synchrony Financial.
“CareCredit’s convenient and transparent financing options make health and wellness care more affordable and can be used to pay for a wide range of health and wellness items,” a Synchrony Financial spokesperson told Consumer Reports.
But according to the Consumer Financial Protection Bureau (CFPB), the average medical credit card carries a whopping 27% interest rate. That’s much higher than the typical 16% for a general-purpose credit card.
“Our research indicates that in many cases, patients who use these products end up worse off,” the CFPB warned.
