Medical debt arises when individuals incur expenses for healthcare services that exceed their ability to pay. This type of debt can result from unexpected medical emergencies, chronic illnesses, or insufficient health insurance coverage. Medical debt is a significant financial burden, often leading to stress, reduced credit scores, and difficulty accessing additional credit. Strategies for managing medical debt include negotiating payment plans with healthcare providers, seeking financial assistance or charity care programs, and exploring medical debt consolidation options. Additionally, some individuals may qualify for debt relief programs or consider medical bankruptcy as a last resort. Addressing medical debt promptly and exploring available resources can help mitigate its impact and promote financial stability.
