interest only v repayment

ThriftyBeanie

Probably had just come off a 72 hour shift when she quoted these figures.

Addy1

Unfortunately we don't do these anymore, which is why they have cut our pay by half!

Gorgeous_George

I have a lot of respect for the medical profession - but it's a different skillset to that of 'numbers people'.

GG

Addy1

I quite agree.
Exactly the reason I am on here asking advice! Although my Dad is a chartered accountant so I am a little less clueless than most. But there are a lot of doctors in a huge amount of debt because they simply don't understand money!

ThriftyBeanie

Addy1 wrote: »

there are a lot of doctors in a huge amount of debt because they simply don't understand money!

It might not be the MSE way, but the reason a lot of young doctors get themselves into debt is that they have spent years as impoverished students, finally to qualify and earn a hospital posting to kick off a career that should see them with great earnings potential in the future. They see that safety net of the big bucks in the future and think they may as well start spending now. Fair enough I say but just make sure you make all your contractual payments so you don't create a problem for yourself down the line by having a poor credit history. Of course, a young doctor free of debt (other than a sensible mortgage) with an ACA for a Dad is going to get wealthy much much quicker......

Gorgeous_George

With the first Mrs GG, I found that the more I earned, the more she spent and the more the debts piled up. I was better off earning less money!

Nowadays, it's the 2nd Mrs GG reining me in.

GG

ThriftyBeanie

GG, sounds like you traded up pretty well!