Medical credit cards have historically been used for elective procedures like cosmetic dentistry, dermatology, vision and in veterinary clinics. They come in handy for patients who can’t pay a medical bill all up front
“Our investigation shows that medical credit cards can pose a significant threat to patient’s finances. We urge CFPB to take action to curb these harms,” wrote Sen. Elizabeth Warren, D-Mass, to the bureau. Warren’s letter was signed also by Sen. Bernie Sanders, D-Vermont, and Sen. Ed Markey, D-Mass. The Senators note that roughly one out of four CareCredit customers end up paying interest on their purchase, while one out of five Wells Fargo customers pay interest.
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