If you live in North Carolina, you reside in a state that is on the lower end of the spectrum for rates of bankruptcy filings. According to NerdWallet, during the period from April 2015 to March 2016, the average number of bankruptcies across the country was 224 for every 100,000 people. North Carolina had an average of only 150 bankruptcy filings per 100,000 residents.
Balance billing occurs when certain costs of medical treatment you receive are not covered by your insurance, even if the facility in North Carolina you were at was in-network. This practice is much more commonplace than you would think. According to Slate Magazine, one two-year survey found that of those people with a private health insurance plan, 30 percent were hit with a surprise medical bill.
Many people who end up filing for bankruptcy in North Carolina may ask themselves how exactly they ended up in that position. It turns out that there are certain factors that increase a person’s chances of becoming insolvent. Knowing the warning signs may help some people prevent themselves from ending up in that situation.
If you have medical debt and are also carrying a credit card balance, you can rest assured that there are many people in North Carolina in exactly the same boat. In fact, the average American family has over $15,000 in credit card debt and some kind of medical debt appears on the credit report of 43 million Americans, according to NerdWallet. Since both are troublesome, deciding which one is worse for you to have depends on a few different factors.