Credit Card Debt Consolidation Strategies for Doctors

Nov 5, 2020

Doc2Doc Lending was a featured solution to save physicians significant money in “How Refinancing Your Credit Card Debt Can Save You Thousands” by Passive Income MD. Every member of Doc2Doc Lending’s leadership team struggled with credit card debt from residency through their early careers. We created Doc2Doc to help physicians focus on their careers, and not on issues such as credit card debt consolidation.

Medical Residency and Physician Debt

Residency and early career is a time when most doctors expect to earn significant money in a few years. However, most are barely making ends meet, between relocation costs, rent costs and general living expenses. Most residents are already saddled with significant student loan debt and are dedicating their meager cash flow to paying those interest payments.

The cash flow issues do not go away after residency. Most doctors do not understand key financial terms and rates, which leads to bad financial decisions. And once you build bad credit card habits, it is significantly easier to slowly rack up $20,000 to $50,000 in additional high-interest credit card debt.

Credit Card Consolidation Loans

A great way to quickly handle high interest credit card debt consolidation is through an unsecured, personal loan to pay off credit cards. Most banks will evaluate your credit worthiness and assign you an interest rate that reflects their assessment of your current ability to pay. Doc2Doc thinks differently. We understand what it’s like to be in your shoes and the stigma doctors face when thinking about taking on even more debt. That’s why Doc2Doc takes into account physician-specific metrics not considered by traditional banks to develop an interest rate that actually makes sense for your situation.

Applying is simple and takes only a few minutes. You’ll speak with a member of our medical leadership team who has been through similar issues and can talk to you about your situation, your options and next steps. At Doc2Doc, we pride ourselves on developing stress-free solutions to help physicians get back on their feet. And we don’t charge pre-payment penalties, so if you are able to pay your personal loan back early, you can save even more money.

Doc2Doc is a smart solution to handle credit card debt consolidation and get your focus back on your patients, so apply today!