ROCKVILLE, MD- "For people Who are drowning
in medical bills, there is a solution other than bankruptcy," said Steve
Rhode, president of Myvesta,org, formerly Debt Counselors of America, "The
lingering and negative effects of bankruptcy will only compound the pain
of illness and injury."
Two recent studies link health issues and
financial problems. A study of Harvard Professor Elizabeth Warren and others
concludes that more than half of bankruptcy filers do so at least in part
because they are unable to cope with the bills following an illness or
injury. An Ohio State University study found that as debt levels go up,
so do stress levels - which can intensify the severity of health problems.
"Money troubles cause fear, embarrassment,
anger and frustration," added Rhode. "While some people see bankruptcy
as a quick fix, its effects last a long time, Negative marks stay on a
person's credit report for up to 10 years, which can make it difficult
or expensive to get credit. For some loans, jobs or insurance the negative
marks last a lifetime. In addition, many people experience long-lasting
negative emotions as a result of filing bankruptcy."
Rhode added, "People need a guiding hand
when they are faced with medical issues that are compounded by financial
troubles." In 1999, more than 1.3 million people filed for bankruptcy.
For more information, contact Myvesta.org or call 1-800-680-3328.