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15 million Americans have medical debt crushing their credit scores but that's about to end

This is great news for the millions of us with outstanding medical bills.

Photo by Mikhail Nilov/Pexels

Millions of American families are trying to pay off medical bills that put them into debt.

A new proposed rule from the Biden administration could spell some relief for people with outstanding medical bills.

According to data collected by the Consumer Financial Protection Bureau (CFPB), 15 million Americans are carrying $49 billion in medical debt that shows up on their credit report, potentially having a negative impact on their credit score. A new rule banning medical debt from credit reports would change that.

In the U.S., people's ability to get approved for a car loan or a mortgage to purchase a house depends heavily on their credit score or FICO score. People with a strong credit history, who make payments on time and don't carry too much debt, will usually have a good credit score and an easier time being approved for loans with the best interest rates. A low credit score makes getting a loan more difficult or more expensive.

Unfortunately, circumstances out of people's control, like medical care that puts them thousands of dollars in debt, can negatively impact their credit score.

"Medical debt makes it more difficult for millions of Americans to be approved for a car loan, a home loan or small business loan, all of which in turn makes it more difficult to just get by, much less get ahead. And that is simply not fair, " Vice President Kamala Harris told reporters via teleconference.

CFPB Director Rohit Chopra also shared that having medical debt is not a fair indicator of someone's true credit habits.

"Medical debt on a consumer credit report is a very different type of debt than a mortgage, an auto loan, or a credit card, " Chopra explained . "Sometimes, as is the case with a visit to the emergency room, the debt is taken on unexpectedly and in a time of crisis. Medical bills are also frequently subject to coding errors, charity care mistakes, or complexities with insurance. A decade ago, the CFPB found that medical debts were overly penalizing consumer credit scores, and we have consistently found that medical billing data on a credit report is less predictive of future repayment than other debts."

Chopra also called out the predatory practices that have influenced credit reporting systems when it comes to medical debt, providing an unfair disadvantage to consumers.

"Some have seized on medical debts as a major moneymaking enterprise," he said. "These entities purchase medical debt, sometimes for pennies on the dollar, and they can cash out big by getting consumers to pay up on those debts. And one of the easiest ways they can do so is by threatening to park that medical debt on the credit report, where it might impede a consumer’s ability to get approved for a loan. In this way, the credit reporting system more closely resembles a weapon for debt collectors rather than a tool for lenders to assess someone’s likelihood to repay a loan."

Chopra also pointed out that the three big credit reporting agencies——Equifax, Experian, and TransUnion—voluntarily removed some medical debt from credit reports, only certain kinds. CFPB research found that although the number of Americans with medical debts on their credit report had decreased, the numbers were still substantial and disproportionately impact low-income Americans. Additionally, the average medical debt on credit reports had increased from $2,000 to over $3,100.

Vice President Harris said that this change would result in millions of Americans seeing a 20-point increase in their credit score on average, allowing for 22,000 more approved mortgages to buy a home. She also called on states, cities and hospitals to join the Biden administration in forgiving medical debt.

According to ABC News, the rule has been in the works since September and could go into effect early next year.


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Democracy

Ret. Major General explains the difference between an AR-15 and the military's weapons of war

Major General Paul Eaton was the commander in charge of training Iraqi troops during Operation Iraqi Freedom. He knows his weapons.

Public Domain , @PaulDEaton/Twitter

Retired Major General Paul Eaton shared his thoughts on whether the AR-15 is a "weapon of war. "

A common criticism gun rights activists levy toward gun legislation advocates is that many people who push for stricter gun laws don’t know a lot about guns themselves. That’s not wholly accurate—there are plenty of gun enthusiasts who support reasonable gun laws—but it’s true that many people who are horrified by our nation’s gun cult ure are not well-versed on the specifications of our nation’s 393 million guns.

Not every American is an active part of American “gun culture. " Some of us have never shot a firearm, for fun or otherwise. Some of us really are ignorant about guns themselves.

That can’t be said for anyone in the military, however. And it definitely can’t be said for a former Major General of the U.S. Army.


That’s why an explanation of the difference between an AR-15 and military-style firearms from retired Major General Paul Eaton has gone viral. Major General Eaton was the commander in charge of training Iraqi soldiers during Operation Iraqi Freedom, so he definitely knows what he’s talking about when it comes to weaponry.

He wrote:

“As the former Commanding General of the Infantry Center at Fort Benning and Chief of Infantry, I know a bit about weapons. Let me state unequivocally — For all intents and purposes, the AR-15 and rifles like it are weapons of war. A thread:

Those opposed to assault weapon bans continue to play games with AR-15 semantics, pretending there’s some meaningful differences between it and the M4 carbine that the military carries. There really aren’t.

The military began a transition from the M16 to the M4, an improved M16, some years ago. The AR-15 is essentially the civilian version of the M16. The M4 is really close to the M16, and the AR-15.

So what’s the difference between the military’s M4 and the original AR-15? Barrel length and the ability to shoot three round bursts. M4s can shoot in three round bursts. AR-15s can only shoot a single shot.

But even now, you can buy AR-15s in variable barrel lengths with Weaver or Picatinny rails for better sights and aiming assists like lasers. Like the military, but w/o the bayonet.

But our troops usually use single shot, not burst fire. You’re able to fire a much more accurate (deadly) shot, that way. Note: you can buy our Advanced Combat Optical Gunsight on Amazon. So troops usually select the same fire option available on AR-15.

That is why the AR-15 is ACCURATELY CALLED a ‘weapon of war.’ It is a very deadly weapon with the same basic functionality that our troops use to kill the enemy. Don’t take the bait when anti-gun-safety folks argue about it. They know it’s true. Now you do too."

Eaton is not the only former military leader who has spoken out in support of gun legislation. In 2019, a group of 13 influential retired military leaders wrote a letter to Congress, pushing it to pass the Bipartisan Background Check Act.

"Each of us has, at some point in our lives, made the choice to risk our lives for our fellow citizens and place ourselves in harm’s way, " they wrote. "We were trained, we were coached, and we were prepared for the dangers that we chose to face. This is not the case for most Americans, yet they continue to face danger on the sidewalk, in their homes, at school, and at work. It is in the same spirit that led us to serve in the armed forces that we ask you, our elected leaders, to help protect the American people from gun violence here at home. We urge you to support this legislation."

Police leaders have also voiced strong support for gun legislation, which makes sense considering how much harder and more dangerous our free-for-all gun culture makes their jobs. The International Association of Chiefs of Police, the largest professional association of police leaders in the world, has a position paper that outlines the gun safety laws it supports, including firearm offender registration, waiting periods, closing the gun show loophole, banning semiautomatic assault weapons, armor-piercing ammunition, bulletproof body armor and more. The IACP states that these are “common sense policies that would assist in reducing gun violence, while upholding the second amendment.”

Yep, the largest police leader association supports banning semiautomatic assault weapons like the AR-15. Here’s what it has to say about that:

“First passed in 1994, the assault weapons ban required domestic gun manufacturers to stop production of semi-automatic assault weapons and ammunition magazines holding more than ten rounds except for military or police use. While the ban was in place, it was remarkably effective in reducing the number of crimes involving assault weapons. In the period of the ban, (1994-2004) the proportion of assault weapons traced to crimes fell by a dramatic 66 percent.”

If those who oppose gun legislation don’t want to listen to people who don’t know enough about guns to speak authoritatively on them, that's fine. Perhaps they should listen to these military and police leaders who not only know guns inside and out, but who also have the firsthand experience on both sides of the barrel to speak authoritatively on what can help minimize America’s gun violence.


This article originally appeared on 06.04.22

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Fired-up woman shares 5 big things about America that don't make any sense

It’s a country of profound contradictions.

via Bella_Vandala/TikTok and Karolina Grabowska/Pexels

Bella Vandala points out some major contradictions in American life.

Bella Vandala , a musician, podcaster, and popular TikToker, is going viral for making a video where she points out 5 things about the United States of America that make little sense to her. She’s found that there are some deep contradictions in American life when it comes to its mental, physical and financial health.

“Why do you think that is?” Vandala asks.

Warning: This video has strong language.

1. "Why is it that in America, we have more fitness centers than anywhere in the world or any generation before us, but none of us are actually fit? "

Vandala is close to correct here. The U.S. has the most gyms globally, although it is ranked #3 regarding fitness centers per capita (Canada and Brazil have more). When it comes to whether we are “fit” or not, the U.S. is ranked the 10th most obese country in the world.

@bella_vandala

#fyp #viral #america #American #health #diet #excercise #fittok #healthcheck #mentalhealth #mentalhealthawareness #mentalhealthtiktoks #woke #wakeup #healthyliving #healthandfitness #fitness #politics #political #politicaltiktok

2. "We have more vitamin and supplement centers than anywhere else in the world or any generation before us, but none of us are actually healthy."

The United States is the second biggest market in the world for vitamins and minerals. Although it’s hard to determine what being “healthy” is, a 2016 study from the Mayo Clinic found that only 2.7% of Americans exhibit 4 fundamental healthy lifestyle characteristics.

These four were:

Being sufficiently active

Eating a healthy diet

Being a non-smoker

Having a recommended body fat percentage

3. "We pay more on a daily basis to obtain regular food and none of it has any healthy or nutritional properties at all ... it's actually poisoning us and making us sick."

For most people, it has to feel like the United States is the most expensive place in the world to buy groceries, especially in 2023. However, that award goes to Sweden , with the U.S. coming in at 7th, globally. However, the food quality in America has become a real problem because Americans eat far too much packaged, processed, high-calorie, store-bought and restaurant foods. "We're really in a nutrition crisis in this country. " Dariush Mozaffarian, dean of the Friedman School of Nutrition Science and Policy at Tufts University, told NPR.

4. "We have an abundance of mental health resources, but we are all suffering from anxiety, depression, or insomnia."

An interesting fact about American life is that even though more people are turning to mental health practitioners for help, our psychological well-being appears to be getting worse . From 2019 to 2022, the use of mental health services has increased by nearly 40%. However, the U.S. ranks 29th in the world in depressive disorders and is the largest country on the top 30 list of countries with the highest depression rates.

5. "We work harder than we ever have, but we’re always f****** poor."

She’s right here. Among other developed countries, Americans work some of the longest hours and take the least amount of vacation. But for many, it doesn’t translate to financial security. A recent report found that 60% of Americans live paycheck to paycheck , and even people of higher income are affected, too. More than half of Americans earning over $100,000 a year live paycheck to paycheck as well.

Even though Vandala’s claims aren’t entirely factually correct, her overall points are in the ballpark and reflect how many people in America feel. Undoubtedly, America is a country of contradictions where our lifestyles and goals aren’t always aligned. We want to be healthy, but our food isn’t. We work hard, but the cost of living is too high. We want to feel good, but the stresses of day-to-day life are too much.

"I just can't f******wrap my head around it,” Vandala concludes her video. “I seriously can't. Never before in the history of America or in any other country have they put such a large amount of money and attention into health and beauty to not be healthy nor beautiful. Why do you think that is?”

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Democracy

Urban planner shares a simple and proven way to cut rents in half

“Housing is ultimately for people, not profits.”

via About Here/YouTube

Why is one building so much cheaper?

Over the past few years, one of the most significant contributors to the increase in the cost of living in the U.S. has been skyrocketing rent and housing prices . A big reason for the rise is the lack of housing supply. Estimates show that Americans need to build around 6 million more housing units for supply to meet demand.

If we are going to build more housing units, About Here’s founder urban planner Uytae Lee , suggests that the U.S. and Canada focus on building more non-market co-op units.

He lays out his theory in a video entitled “The Non-Market Solution to the Housing Crisis.”

To illustrate his point, he highlights two apartment buildings side by side in the up-and-coming Olympic Village neighborhood in Vancouver, Canada . In one building, the average rent for a 2 bedroom is $4,500. However, in the building across the street, a 2-bedroom unit only costs $1900 a month.

“So how is this building so affordable? Well, it's really quite simple. It doesn't make money,” Lee says. “This building is owned by the Athletes Village housing co-op, a non-profit cooperative. Like the name suggests, the co-op isn't trying to make a profit from this building. So it sets rents that only cover the building's operating costs, things like heat, water, electricity, taxes, mortgage payments and maintenance.”

“The building next door is a condo that is owned by an individual or corporation who very much wants to make some money from their housing,” Lee continues. “So they can rent it out for well really whatever price they can get. Any money they make on top of their operating costs is the profit they can pocket for themselves.”

Co-ops are often owned by charities, churches and nonprofit organizations that understand housing is a need and want it to be part of their larger mission. There are co-ops for various demographics, whether seniors, refugees, or college students.

If a private building owned by a landlord were constructed simultaneously, their rents would be similar. However, a co-op can lower rent over time while market pressures and profit motives drive the private building upwards.

As market value in a neighborhood increases, landlords raise rent. However, co-ops keep rent at the same level as long as costs remain stable. Further, after the mortgage on the co-op is paid off, its expenses are drastically reduced so that the rent can be lowered.

“Non-market housing promises a home at a stable price right now and an affordable price in the long term,” Lee says.

When there is an abundance of co-ops in a given area, they also have a positive effect on market housing. Lee cites Vienna as an excellent example of non-market housing keeping market rents low. “Private landlords have to compete with non-market housing for the same tenants. They can't afford to inflate the rents because people will apply for the non-market housing next door, where rents can be as low as €551 a month.”

Just as there are barriers to building large private housing projects in North America, building non-market housing also has its problems. The first is cost. Finding non-profits or government agencies willing to fund an entire apartment building is tough. It’s also hard to get housing projects approved when co-ops have to go up against NIMBYs and housing zoning regulations.

“I think first and foremost we need to change these rules and make it easier to build housing in general,” Lee says.

In the end, Lee believes co-op housing isn’t a magic bullet that will solve all our woes. But it should be an integral part of a larger solution. “I think we should be treating all market housing as an important counterbalance,” Lee says. “Something that limits people's ability to exploit the housing shortage in two key ways: adding more supply and setting rents that help to stabilize the overall housing market — sending a reminder to all of us that housing is ultimately for people, not profits.”


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