Even though nurses dedicate their lives to helping others, many find themselves quietly dealing with their own money worries. This often happens because of unsecured debt, like credit cards or personal loans.
Why Nurses are at Risk for Debt Problems
Nurses in credit card debt are an all-too-common reality. The nursing profession creates certain conditions that put you at risk of falling into debt. And while each person’s story is different, the root causes tend to be similar.
- Getting Sick or Hurt: You are around germs and tough situations a lot. Sometimes, nurses get sick or even hurt on the job. When you can’t work, you might have to use credit cards or loans just to buy food, pay rent, or cover other important things.
- High Cost of Living: Many hospitals and health networks are located in large cities that have a higher cost of living. Between housing, groceries and transportation costs, it can be tough to make ends meet without leaning on credit cards.
- Burnout: Nursing can take a toll on your mental health and overall wellbeing. Burnout is real and impacts thousands of nurses each year — but without a backup income, nurses oftentimes need to use debt to fund a period of rest and recovery.
- Not Enough Pay: Nursing can be lucrative for some, but many professionals in the industry struggle to make ends meet, especially if you have a family. This can make it easy to use credit cards for everyday needs.
How Nurses in Credit Card Debt can Start Fresh
If you’re a nurse feeling worried about your unsecured debt, remember you’re strong, and you can take steps to help yourself:
- Stop New Credit Card Spending: Try to put away your credit cards for now. Focus on paying down the bills you already have, especially the ones with the most extra money (interest).
- Make a Simple Money Plan: Know how much money you get and how much you spend each month with a budget. This helps you find extra money to pay off your bills.
- Consider a Different Approach: Debt Consolidation not only lowers your monthly bills, but also makes the stress of debt less acute. By consolidating your debts into one, lower monthly payment, you stop the cycle of interest — and gain flexibility in your budget.
It’s time to bring the same care you give to your patients to your own money. If your unsecured debt feels too big to handle alone, there are professionals who can show you ways to make your payments easier or even help you pay less on your total bills. After all, wellness is bigger than our bodies — and taking care of your financial health is crucial to living well, too.