The leading cause of personal bankruptcies in America? Debt to pay back medical bills. Experts say 3 million people have more than $10,000 in medical debt each and 100 million have at least some.
“Marketplace Morning Report” host David Brancaccio recently hosted a panel and audience discussion in St. Paul, Minnesota, exploring medical debt. Among the panelists were Allison Sesso with a national nonprofit called RIP Medical Debt, which takes donations to cancel debt for people; University of Minnesota healthcare economist Jennifer Schultz; and Minnesota Attorney General Keith Ellison.
Attorney General Ellison explained proposed legislation in Minnesota that aims to curb the fallout that medical debt has on families in the video above. An edited transcript of part of the conversation is below.