While in school, credit card debt can be easy to ignore for a couple of reasons. First, since the overall debt burden for medical school averages over $155,000, even thousands of dollars in credit card debt seem relatively insignificant. Next, students may feel that the higher than average earning power of the medical profession means that debt is not a big deal.
But after graduation, you will still have to complete a residency - a period of relatively low earning power compared with your salary once you have chosen a specialty and completed your residency. In fact, under some common financial scenarios, your debt payments could easily equal 25 percent of your total net income. And unlike most student loans, there is no deferred or Income-Based repayment scenario possible for credit card debt.
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