Becoming a doctor or another medical professional can lead to a rewarding, high-paying career. However, it doesn’t guarantee financial security. Just because medical professionals earn high incomes doesn’t mean they’re immune from financial hurdles, including debt. In fact, a recent BHG survey revealed nearly 7 in 10 medical professionals carry credit card debt—and that’s not the only finding from the survey.

The Hidden Burden: How Many Medical Professionals Carry Credit Card Debt?

69% of Medical Professionals Carry Credit Card Debt

Contrary to popular belief, credit card debt is prevalent among medical professionals. This is likely due to their limited work opportunities during medical school paired with the lower salaries and higher expenses they often face during residency. Student loan debt as well as the temptation to overspend after they finally start their careers may also contribute to the problem.

Unfortunately, credit card debt can have a ripple effect on their financial futures. When a significant amount of a medical professional’s income goes toward credit card debt payments, they’ll have little room for saving and investing. They might be forced to delay important life milestones, such as buying a house, having children, or retiring.

Medical Professionals vs. Other Licensed Professionals: A Startling Comparison

Compared to other licensed professionals, such as accountants and engineers, doctors and other medical professionals often carry more credit card debt. One reason is the later start to their earning years—after years of medical school and residency, many feel like they're playing financial catch-up. During this transition, unexpected expenses or significant life milestones—such as buying a home, starting a family, or relocating for a new position—can lead them to rely on credit cards, even as their income increases.

Plus, most medical pros qualify for larger credit limits, which can make it easier for them to feel like they can fund most of these expenses through credit cards. However, credit cards come at a hefty cost. According to the Federal Reserve, the average credit card APR is at 21.37%.

Why Medical Professionals Are Going It Alone—And Why It’s Costing Them

64% of Medical Professionals Rely on Their Own Research Over Financial Advisors

There’s no denying that doctors and other medical professionals are smart, well-educated individuals. Therefore, it’s no surprise that many of them trust their own judgment and prefer the DIY approach to finances. While self-managed financial planning might be okay for some people, it can be risky for medical pros, especially those who are juggling a demanding career.

With a seasoned financial advisor by their side, doctors can determine how to best allocate their hard-earned money and receive the non-biased guidance they need to meet (or even exceed) their financial goals. An advisor may share sound recommendations based on a medical professional’s lifestyle as well as their current and future needs.

62% Work with an Advisor—But Is It Enough?

While some medical professionals have jumped on the advisor bandwagon, others aren’t quite ready to take that step but still want a financial partner to steer them in the right direction. That’s where BHG comes in.

Staffed by seasoned U.S.-based financial professionals, BHG offers a concierge service to help medical pros simplify the lending process and make smart financial decisions. Best of all, it works around their schedules so even the busiest doctors can take full advantage of it.

Breaking Free from High-Interest Debt: A Smarter Financial Strategy

How Credit Card Debt Can Derail Financial Success

Credit cards often come with sky-high interest rates. When medical professionals only make the minimum required payments on them, interest charges can add up quickly and create a vicious cycle of debt that becomes difficult to break.

Despite their high earnings, excessive amounts of credit card debt may take some doctors years (or even decades) to pay off. The good news is there is a solution to high-interest credit card debt.

With a BHG Personal Loan, doctors and other medical professionals can enjoy fixed, lower rates and predictable monthly payments while ultimately spending less in the long run. Here’s a quick glance of how BHG Personal Loans compare to credit cards:

Example based on a loan term of 7 years¹

	Balance	APR	Monthly payment	Interest paid over 7 years^✝
High-interest credit card(s)	$40,000	24.20%	$992	$43,336
	$40,000	12.44%	$716	$20,107
			Estimated savings on credit card interest with BHG	$23,229*

Advertised rates are subject to change without notice.
Monthly payment is a representative example and for illustrative purposes only.
Credit card APR pulled from Investopedia as of 3.7.25.

The BHG Personal Loan Advantage

For high-earning doctors, a BHG personal loan can be a powerful tool for managing credit card debt. By consolidating several debts into a single, lower-interest personal loan, medical pros may reduce the number of payments they have to make, simplify their finances, avoid late fees, and lower their monthly debt obligations. They also may enjoy additional cash flow that can allow them to build an emergency fund, save for a house, invest for retirement, or focus on other financial goals.

Take Control of Your Financial Future Today

If you’re a hard-working medical professional, you owe it to yourself to evaluate your debt situation. Rather than relying solely on credit cards, it’s a good idea to seek out a tailored financial solution that can help you regain control of your finances.

With personal loans of up to $250,000¹ and flexible terms of up to 10 years^1,2 plus our dedicated U.S.-based concierge service, BHG Financial is committed to helping you consolidate debt, lower monthly payments, and create a financially secure, fulfilling future. Explore BHG personal loans and take a step toward financial freedom.

Not all solutions, loan amounts, rates or terms are available in all states.

¹ Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile.

² Personal Loan Repayment Example: A $59,755 personal loan with a 7-year term and an APR of 17.2% would require 84 monthly payments of $1,228.

Consumer loans funded by Pinnacle Bank, a Tennessee bank, or County Bank. Equal Housing Lenders.

No application fees, commitment, or impact on personal credit to estimate your payment.

For California Residents: BHG Financial loans made or arranged pursuant to a California Financing Law license - Number 603G493.

* BHG monthly payment based on BHG’s minimum available APR for a 7-year term, which is 12.44% as of 5/1/2025 and includes an origination fee. Your actual loan size, loan term, and monthly payment amount may vary based on your individual credit profile and other information provided in your loan application. Terms subject to credit approval.

** The savings estimate assumes a fixed-monthly payment is made on the variable APR credit card and no additional draws on the line are made for the 7-year period.