New rule could forgive medical debt for millions of Americans [Video]

About half of all Americans think it’s important for the government to provide some sort of medical debt relief.

The Consumer Financial Protection Bureau says most consumers can’t control their medical debt, an alarming statistic given that nearly one in five U.S. citizens have some form of medical debt.

Take a look at cancer survivors for example: the American Cancer Society Cancer Action Network says almost half of all cancer patients and survivors have debt, despite nearly all of them being insured. That poll was conducted in part by the University of Chicago and the Associated Press.

This comes as the Biden Administration proposed a new rule that would wipe medical debt off most credit reports.

It would prevent debt collectors from using the reporting system to get people to pay, and increase the number of loan approvals.

According to government data, America owes about $220 billion dollars in medical debt. Around 14 million people …