Think bankruptcy is just for folks with too many credit cards? Think again.

Major health costs (see table) contributed to over 60% of US bankruptcies in 2007, according to a study of over 2,000 individuals, although this is obviously before the credit crunch really started to bite. The study [pdf], published in The American Journal of Medicine (AJM) this week, is a follow-up to a study in 2001 which found that major health costs accounted for 46.2% of US bankruptcies in that year.

The surprise is that over three quarters of those bankrupted had medical insurance and middle-class incomes.

Changing a public health system isn’t easy, but it’s been worth it in in Canada, according to this op-ed in the Toronto Star, which also compares the cost and quality of US and Canadian health care.

Hear all about the AJM study on Scientific American’s one-minute podcast: here.

The study’s authors have provided an additional fact sheet and frequently asked questions: here

Image: American Journal of Medicine