Many people in New York are struggling with massive student loan debt. Across the country, borrowers owe $1.59 trillion in student loans, and the issue has been raised in presidential campaigns and major media. While filing for bankruptcy can help people to deal with many types of overwhelming debt, including credit card bills, medical costs or car loans, student loans cannot be discharged with a personal bankruptcy filing in most cases. Congress actually passed legislation on multiple occasions making it more difficult for people to escape their student loan debt through bankruptcy.
How to pay medical bills without credit cards
Since 2009, medical expenses have increased 33%, which has outpaced the increase in median household income over the past 10 years. This has led some New York residents to put their medical bills on credit cards. However, there are ways to avoid using credit cards and paying the high interest rates associated with them. For example, it may be possible to negotiate a payment plan with a doctor, hospital or other service provider.
Study finds 137 million Americans overwhelmed by medical debt
Medical bills are a major problem for people living in New York and across the U.S. In fact, around 137.1 million Americans have endured financial hardship due to medical expenses in 2019 alone, according to a new study by TD Ameritrade.
