By Roger P. Levin, DDS

April 12, 2010 -- Paying down debt the smart way

Keep an eye on your practice debt. Many lenders are going to try to get you to pay as much as they possibly can for your loans. Always read the fine print. Levin Group has dealt with a number of situations in which dentists owe much more money than they had anticipated. Regardless of whether they knew what they owed, these dentists were still legally obligated to pay it back!

Continually evaluate your situation. Interest rates are always changing. Lenders won't be anxious to inform you when rates go down because they are making a nice profit from your loan. Be sure to get objective guidance beyond the bank or financial lender, who has a great deal of self-interest in this process.

Don't sit on the sidelines. Do not simply ride out your debt situation without constantly evaluating whether debt can be reduced. A 1% difference in the interest rate that you are paying can save your practice thousands of dollars.

Copyright © 2010

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