(NewsNation) — Even if a patient makes a full recovery, a cancer diagnosis could ruin their finances, new research has proven.
Two studies analyzing the impact of cancer treatments on patients’ credit scores and bankruptcy filings found those diagnosed with the disease were far more likely to have poorer financial health.
“These are the first studies to provide numerical evidence of financial toxicity among cancer survivors,” study lead author Dr. Benjamin James told United Press International.
One study tracked Experian credit data from 2010 through 2019 for nearly 100,000 Massachusetts residents diagnosed with cancer.
When compared to 189,000 people who hadn’t been diagnosed with cancer, researchers found sick people had a five times greater chance of filing for bankruptcy.
Cancer patients also had lower credit scores — roughly 80 points less than healthy counterparts — and much larger medical debt accumulations.
Another study by James and his fellow researchers broke down the credit score impact of cancer treatments.
Patients who had both surgery and chemotherapy treatments recorded a 62-point drop in credit score compared to those who only had surgery. Certain cancers, like bladder, liver, lung and colon cancers, had the highest average declines in credit scores.
“We are looking years after a diagnosis, and we see that the credit score goes down, and it never comes back up,” James told UPI.
“There are certain factors that are associated with worse financial toxicity, including being under the age of 62, identifying as Black or Hispanic, not being married, having an area deprivation index below the median, not owning a home, and having an income below a median of $52,000 a year,” he added.
A new study done by the American Cancer Society found that more than a third of all fundraisers posted on GoFundMe are related to medical debt. Around 91,000 mentioned cancer.
