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Medical credit cards, installment loans can be costly

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A new report from the Consumer Financial Protection Bureau points to a growing trend that may appeal to people during vulnerable times

SALT LAKE CITY — , but can be dangerous for wallets: medical credit cards and medical installment loans.

The report shows the payment methods tend to be more expensive for consumers than other forms of payment, including regular credit cards. The interest rates on these cards or installments can vary anywhere from 16-27 percent. The CFPB is concerned healthcare providers may be deterred from offering legally mandated financial assistance programs or zero-interest re-payment options in addition to the medical credit cards.

 

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