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Our Services » Debt Management
The average dentist graduates with debts of over £10,000. Some of these may be graduate loans offering a rate of interest of approximately 8% per annum. It may be in your interest to keep these loans but at the moment the market for personal loans is very competitive and you might be able to find finance at 5.9%. You may also have loans through the Student Loans Company. As the rate of interest is approximately 3% it is advisable to repay these over as long a period as possible.
You may also have additional loans, credit cards, or other commitments that are not at such competitive rates of interest. When you have a number of loans and credit cards it can be very useful to consolidate your debts. The advantage of doing this is so you have only one monthly payment instead of several, and you can often get a lower interest rate with a larger amount of borrowings. For example, recent competition in the credit card market has seen some companies offering an introductory rate of 0% for an introductory period.
Shop around to get the best deal
The best loans are published in quality newspapers at least on a weekly basis and you can find them on the internet fairly easily. It is suggested that you look 'behind the rate' on offer and check the banks' level of customer service and support, and decide whether you need the payment protection. Recent innovations have seen the introduction of the flexible personal loan. This allows you to part of full repay the loan at any time, thus saving you interest and giving you full flexibility.
Debt should be seen as part of your financial programme. It is a fact of life that most of us will need to borrow at times, be it to purchase property or a car. Our advice is to try to borrow at the lowest rate you can find with flexibility on how you repay the lender. This puts you in control and more money in your pocket.
