In yet another socialist, populist move to win votes, Kamala Harris has said that she wants to remove medical debt from credit scores, claiming it will help poor working families already struggling with debt to borrow more money. However, this policy is not only harmful to those families but could also have catastrophic consequences for the economy. Credit scores include all types of debt for a reason—because the total debt load determines a person’s ability to repay additional loans. Excluding certain debts from the calculation would create an inaccurate score, leading to more defaults and greater financial instability.
This is a terrible idea because it incentivizes financial irresponsibility, distorts the financial picture for lenders, could shift healthcare costs upward, neglects the root causes of medical debt, and may result in tightened lending standards or increased interest rates for all borrowers. At the end of the day, forcing banks to loan to people who cannot afford to repay their loans was the catalyst for the 2008 global financial crisis.
By removing medical debt from credit reports, this policy risks incentivizing financial irresponsibility. Without the pressure of seeing medical debt impact their credit scores, individuals may be less motivated to manage their debt responsibly, resulting in delayed or ignored payments. Over time, this could actually increase the amount of medical debt instead of reducing it, as individuals might feel less urgency to pay off what they owe. This shift in behavior could exacerbate the very problem the policy aims to address.
Moreover, excluding medical debt from credit scores distorts the full financial picture lenders need to make informed decisions. Credit scores are designed to reflect an individual’s ability to manage and repay all debts, giving a complete view of their financial health. Removing medical debt hides a significant portion of a person’s financial obligations, leading lenders to approve loans for individuals whose financial situations may be far less stable than they appear. This could increase the risk of defaults and potentially destabilize lending practices, much like what occurred in the lead-up to the 2008 financial crisis. […]
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