Is a Bad Credit Record Inevitable in the US, Due to High Medical Costs?

Each batch of financial consumer statistics out of the US seem to confirm one thing: "Savings and investments are out, personal debt and bankruptcy are in."

Maybe that sounds like nothing new, but it does seem to be getting worse. With incomes only going up about 3% a year, medical bills going up by 9% a year and mortage repayments rising also, what hope is there for millions of ordinary Americans?

While generations of Americans have become used to the burden of a mortgage, at least it has often proven to be something of an investment as house prices rose. But what about those medical bills? Surely they will never be an investment. Quite the opposite in fact. For many Americans, medical bills are a potential trigger for a fall from financial security to bankruptcy and beyond.

Well that is alright, isn't it? If you go bankrupt, it's tough for a few years but all the debts get written off, don't they?

Well, that is not quite so. According to Advanced Scientific Health , most of the medical bill induced bankrupties in the US, nearly 800,000 of them, were ordinary Americans with medical insurance. But the misery does not end there. The medical industry gets special treatment from the the US government. Congress passed a Bankruptcy Reform Bill in 2005, exempting medical bills from bankruptcy protection. So once in debt to the medical industry, there is no escape.

The sad fact is, medical debts are virtually an inevitability; the medical industry has a virtual stranglehold on the American public. The American system is by far the most expensive in the world, but Americans may console themselves with the fact that it is the best.

Really? Overpriced and rising in cost at 9% a year, the American medical industry will eventually lead to the financial downfall of most Americans. Or if not the downfall, then at least a financially miserable descent into chronic sickness (as defined by the medical industry), through expensive but ineffective treatments, to an undignified death. Only the very rich can avoid that the way things are going.

So, what can the average American do about that? Keep well is the answer, and see through all the medical hype that eventually drags them into the snare of chronic disease and massive medical bills. It is no longer most important to learn how to budget your money. Probably the most important thing an American can do now is really get to understand their health and do something about it naturally, through diet and intelligent use of supplements. It is actually quite easy once you see through the smokescreen of the American health industry.

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