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Wiping out medical debt draws support from diverse groups

| Jul 6, 2017 | Medical Debt |

Dealing with a medical issue in Durham can be extremely stressful. However, after receiving treatment, many people also end up with bills that they cannot afford to pay. That is why some groups are working to combat this growing issue, which affects millions of households across the country.

In fact, according to TechCrunch, 43 percent of people in the U.S. have medical debt that they cannot afford to pay. One company aiming to combat this problem is a tech startup that plans to use its proceeds to purchase people’s medical debt and then forgive the outstanding amounts. Because debts often get sold to collection agencies, the company will actually be able to purchase the debt for much less than it is actually worth.

Professional and academic groups are also getting in on the action, reports the Huffington Post. A group comprising four universities is studying the impact that forgiveness of medical debt has on families so that efforts can be better focused on those that need it the most. The group recently organized a summit with representatives from a diverse swath of industries. Even bill collectors themselves are getting involved in this important issue as some were participants in the summit.

Those within the medical industry are also lending a hand. The Minnesota Nurses Association recently used a portion of its funds to purchase and forgive a large pocket of medical debt as a way to thank those who supported them while they were on strike.

Medical care is something universally needed by all and yet the inability to afford treatment affects a great number of people and drives many into bankruptcy. However, the fact that groups such as these are taking action may provide a ray of hope that solutions can be reached in the future.