While a resident or the new-to-routine doctor, then you possess some obligations – likely a mix of personal credit card debt, figuratively speaking and you may a line of credit. Since you change away from scientific university to full-time routine, you’ll have to make choices on exactly how to pay it off. One strategy to adopt are combining your debt for the that financing (or other credit vehicles) with you to payment.

Debt consolidation comes to on one variety of borrowing automobile to expend away from other financial obligation you hold, efficiently transforming your large-appeal personal debt toward down-attention financial obligation. The best choice for physicians is to utilize a line off borrowing from the bank to repay credit cards and you will/or student loans.

There are lots of advantages to doing this. First, you might slow down the complete appeal you pay and sometimes your minimal payment. You also would a feeling of control on your own and you can describe the treating of your debt money. That is because you can change from with numerous particular obligations – each using its individual statement, rate of interest and you will due date – to at least one single payment. Read more