Removing Medical Debt from Credit Score a Repeat of 2008 Financial Crisis
Image AI-generated, courtesy of Antonio Graceffo
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,
