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: Struggling to pay your medical bills? This remedy can cause ‘financial ruin,’ CFPB warns.

Patients being marketed ‘specialty financial products’ to cover medical costs may have better, cheaper options, Consumer Financial Protection Bureau says

Many patients would be “better off” without medical credit cards and loans, the CFPB said in a new report.

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U.S. patients are being sold “high-cost specialty financial products” to cover medical care even in circumstances where existing insurance coverage or financial-assistance programs would have served them for less, a new report from the government’s consumer watchdog says.

The Consumer Financial Protection Bureau warned Americans on Thursday that medical credit cards and installment loans, which are being tapped more and more by people struggling to afford the rising cost of healthcare, may hurt — rather than help — their pocketbooks. 

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