READING ROOM: Deal with Your Debt

Physician's Money Digest, January 2006, Volume 13, Issue 1

MSN Money

Deal with Your Debt: The Right Way to

Manage Your Bill$ and Pay Off What You Owe

Deal

with Your Debt

With a handshake and a diploma, the average med school graduate walksaway from commencement with $115,218 in educational loans, accordingto the American Medical Association. Heap on top of that pile creditcard, auto loans, and mortgages, and it's easy to see how the numbers can growto unmanageable proportions. In an attempt to help consumers dig themselves out,many financial how-to's focus on eliminating debt completely rather than controllingand managing it effectively. Award-winning journalist Liz Pulliam Weston, one of's most-read columnists and author of the nationwide newspaper column"Money Talk,"reveals that the key to managing debt wisely is differentiatingbetween helpful and harmful debts. In (Prentice-Hall; 2005),Weston advisesthat consumers need to take a "know when to hold'em, know when to fold'em"stance, asserting that dealing with debt inefficiently is nota gamble you want to take. Instead, consumers need theright strategy to pay down debt—when to acceleratesome payments and when to only pay the minimum onothers. Consumers need to take control and incorporatedebt as a key part of a financial plan. If handled properly,debt can even help you create wealth. She also exploresthe myths surrounding debt and identifies toxic debts thatpoison your finances. A no-nonsense and easy read, shows physicians how to stop worryingand take control.