How to deal with physician debt: Key strategies

A new report from credit.com gives an overview of five key ways physicians can deal with debt.

Graduating physicians have an average of $166,000 in student loan debt before interest with the average interest rate being 7.5 percent. Here are five key thoughts on dealing with the debt positively:

1. Acknowledge the debt exists and if stress over debt builds, pick three things in your life that are positives and recite them to stay focused on your career while debt is still "on the books."

2. List all current debt on a piece of paper and use a debt calculator to decipher the lifetime cost of current obligations. Figure out the best debt reduction strategy.

3. Write down an action plan and consistently make monthly payments on time.

4. Choose strategies such as debt consolidation or debt settlement to accelerate payoff.

5. Work with a financial planner to reach your goals and stay on track with your new career.

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