You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Letters

letters

Medical costs, not poor savings habits, most often lead to bankruptcy

THE GLOBE’S front-page story titled “Bankruptcies wane as US relearns how to save” (Aug. 18) suggests if we can get our spending under control bankruptcy rates will decline.

But the leading cause of personal bankruptcy is illness, not out-of-control spending. A 2009 Harvard study reported that 62 percent of all personal bankruptcies are caused by medical problems. One might assume those medical bankruptcies were caused by lack of health insurance. Not so, the study reports 78 percent of those whose illness caused a medical bankruptcy had health insurance when their illness began.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week