Welcome to the first Annual Letter for Doctor in Debt. Now that 2016 has wrapped up, and we are just hours away from a new year, I cannot help but get excited to see what 2017 will bring. Before we kick off next year, let’s see what this year brought us.
What I Accomplished in 2016
2016 was a year of action for me. I tend to be a perfectionist by nature, and this trait worked well for me in school and at my day job as a physician, but waiting for perfection as a writer is counter productive. I had started then stopped the process of blogging at least a dozen times, but 2016 was the year that I sat down and made it happen.
What is a Personal Line of Credit
A personal line of credit is an unsecured revolving account with a variable interest rate allowing you to borrow money as you need it. Essentially, you can use it as a credit card to cover significant expenses at places that don’t take credit.
The Major Benefits of a Personal Line Of Credit:
First, I would like to be clear that you never want to borrow money unless absolutely necessary. I use a personal line of credit to smooth out major expenses and want to share what I learned looking for and setting up my account.
Warning: If your problem is an imbalanced budget, a personal line of credit is not the answer. Borrowing for routine living expenses is a sure-fire way to end up in the poor house.