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Thread: Business credit card debt

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    Post Business credit card debt

    Does anybody know of a good source of advice to help me settle some of my credit card debt?
    I have a good business, but my business credit card debt keeps draggin me down.

    Any advice would be greatly apprecated!

    Mark

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    Steve B's Avatar

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    If you have a good business - why isn't paying it off the traditional way an option?

    Make payments at least triple the minimum and pay it off.
    Steve B

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    First - stop using them, cut them up.
    Second - Create a budget.
    Third - Make min payment on the cards until you have an emergency fund of $1000.
    Forth - Put all the extra money in the budget towards the debt.
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    If you have so much credit card debt that it is pulling the business down, then you do NOT have a good business. It's drowning in debt.

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    That's what I was thinking Harold. Anybody can have a successful business if they don't have to pay the expenses.
    Steve B

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    Your "good" business needs to become better. If it's not paying for your debt, it's not doing it's job.
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    Quote Originally Posted by dwsretail View Post
    Does anybody know of a good source of advice to help me settle some of my credit card debt?
    I have a good business, but my business credit card debt keeps draggin me down.

    Any advice would be greatly apprecated!

    Mark
    I think you have to console with a credit card provider regarding your business credit card debt.

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    You don't have a credit card problem - you have a cash management problem. You are paying to much in expenses to earn the revenue you receive. Thus, you need to find ways to maintain your revenue while reducing costs. If you can do that, your credit card balances will come down.

    Now, if you find yourself not able to make your minimum payments - then your first call should be to your credit card company - they want you to pay and will work with you to make it happen.

    Lastly, know that credit cards are essentially an unsecured line of credit. These are short term financing vehicles that should be used for working capital needs only and only for the short term. If you are using them for anything else - then YOU are abusing those cards and that is your real problem.

    Example - a service business has a new customer and to complete that customer's job, the business have to purchase $1,000 worth of supplies. Then, when the job is over and the customer pays the business $3,000 for the job - the business takes $1,000 of that payment and immediately pays off the $1,000 charges. This is called working capital or cash management in business. If you are not paying off those cards with the revenue received from each job or sale - then you are not using those cards right and mismanaging your business's finances. If you are holding balances or using those cards to purchase items that do not directly relate to revenue generation or cost savings, then you are misusing those cards - and that is your problem and the issues that need to be corrected - not trying to find a way to stiff your creditors because you can't or don't want to pay.
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    Quote Originally Posted by dwsretail View Post
    Does anybody know of a good source of advice to help me settle some of my credit card debt?
    I have a good business, but my business credit card debt keeps draggin me down.

    Any advice would be greatly apprecated!

    Mark
    You can call the credit card company and work out interest terms - all the companies that try to sell you a service are, well....selling you a service ($$$$). Good luck
    Osprey Strategic Research focuses on MSP telemarketing services specifically for the IT industry.

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    Try moving around the debt to banks that have low interest rate balance xfer offers and don't charge any balance transfer fees. If you're credit is good, you'll find many banks out there that are dying to hold the bag. Credit Cards - Compare Credit Card Offers at CreditCards.com and look for balance xfers.
    Off the top of my head, try First National Bank of Omaha. They have an offer floating out there in the mail that offers a single digit rate with no balance xfer fee-rate is fixed for life.

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