From 2018 to 2020, consumers paid $1 billion in deferred interest payments on healthcare credit cards and loans, according to a Consumer Financial Protection Bureau report released Thursday.
Consumers used credit cards and loans to pay nearly $23 billion worth of healthcare costs ranging from emergency room visits and medications to dental and vision care, Healthcare Dive reports.
The CFPB said Wells Fargo, Synchrony Financial subsidiary CareCredit and Bread Financial subsidiary Comenity are the top companies offering medical credit cards.
Though the mean annual percentage rate for general-purpose credit cards is about 16%, medical credit cards typically charge an APR of 26.99%, according to the report. Read more.
