Lawful and moral questions about medical credit cards

Medical credit cards are facing an investigation by the New York state attorney general. credit cards with a very high rate are marketed to patients that are in the office and need cash now. These cards are sold as an instant cash loan advance to pay off bills, rather than an actual credit card. Source of article - Medical credit cards under investigation by Personal Money Store.

The operational workings of medical credit cards

Medical credit cards are a product offered by a couple of financing corporations. The financing is intended for medical bills, but it also charges a very high interest rate. How much cash is charged to the card determines the rebate the doctor is given by the credit card company.

The investigation into medical credit

Medical credit cards seem like an easy answer for patients in a bind. Alleged deceptive practices have led to an investigation into these cards by the New York Attorney General. Many of the time, patients aren't given full information on the high interest rates in these cards. The Attorney General has stated that the investigation is to the deceptive marketing and kickbacks involved with these cards. Some doctors might be violating their ethical or legal responsibilities by pushing financial products.

The high cost of medical care

The provisions of the new health care do address the cost of health care, but many changes have yet to happen. The costs associated with medical are the leading cause of personal bankruptcy within the United States. These credit cards are marketed as no credit loans to help patients pay back their bills. The debt problem, in the end, though, is compounded with the high interest rates. Until medical care is not longer so expensive it sends individuals into bankruptcy, the concerns that led to these medical credit cards will still exist.