I suspect that these adults would need to borrow to pay a $500 auto repair or replace a broken fridge too. But that doesn’t grab headlines. For reasons never explained, the money we spend on healthcare is never viewed as the money we spend on anything else.
One-Quarter of U.S. Adults Must Borrow Money for $500 Medical Bill With substantial percentages of adults reporting that they currently have medical debt that they cannot pay in a year or less, it is probably unsurprising that 26% report they would need to borrow money to pay a $500 medical bill.
To do this, 12% say they would use a credit card or get a loan from a financial institution, while another 14% would borrow from a family member or friend.
For some persons, these forms of borrowing could ordinarily be characterized by prompt repayment (such as simply paying off the credit card at the end of the month), but for many others, it is likely to feed into a cycle of accumulating medical debt that cannot be readily repaid.
The need to borrow money to pay a $500 medical bill is particularly common among non-White adults (43%) and those living in households earning less than $40,000 per year (46%).