Physicians: Don ’t buy things you can’t afford
If you haven’t noticed, Americans love debt. The average household has around $130,000 in total debt, including $50,000 in student loan debt, nearly $30,000 in auto loans, and $16,000 in credit card debt.
With an average credit card interest rate of 15%, that would be $2,400 in interest per year. With a student loan interest rate of 6.8%, that would be $3,500 in interest, and with a 3% auto loan, that would be nearly $1000 in interest. In total, that’s almost $7,000 in interest per year. Sounds like a great way to bury yourself in a hole that you can never escape from. Goodbye, freedom.
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Source: Kevin, M.D. - Medical Weblog - Category: General Medicine Authors: < a href="https://www.kevinmd.com/blog/post-author/live-free-md" rel="tag" > Live Free MD < /a > Tags: Finance Practice Management Source Type: blogs
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