WASHINGTON—A group of senators is raising concerns over the growth of medical credit cards.
In a letter to the chief executives of Wells Fargo and Synchrony Financial—two large issuers of medical credit cards—Sens. Elizabeth Warren (D-MA), Ed Markey (D-MA), Bernie Sanders (I-VT), Chris Murphy (D-CN), and Sherrod Brown (D-OH) expressed concern that "given the circumstances in which these cards are used, medical credit cards could be predatory to patients seeking medical care and leave patients stuck paying higher costs with hefty, high-interest debt," Common Dreams reported.
"The concern here is the current structure of our healthcare system often requires that patients enter into medical debt in order to access services they need," the letter reads. "Within that context, patients—often under duress because of concerns about their medical care—are being pushed into and then locked into medical credit cards despite the availability of alternative payment options that might be more beneficial and offer lower interest rates."
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