Consolidating business credit card debt
Just as no one plans to get over their head in personal debt, no one plans to get over their head with business debt, either.So if you need to know how to refinance or consolidate your business debt, here’s our quick and dirty guide on how to make it happen. What is the difference between consolidation and refinancing?Lock in a competitive fixed interest rate on a loan of up to ,000.With this loan, you could consolidate balances on up to four business cards into fixed monthly payments over one of three repayment periods.As of 2012, there were 5.73 million businesses with fewer than 500 employees.What’s more, 30% of all jobs in the United States economy are currently held by the self-employed.
This is because the inventory purchased sometimes does not move as fast as expected, making it difficult for an entrepreneur to pay off the outstanding business credit card debt.
This will mean that the portion of your outstanding account balance that is subject to a lower interest rate will be paid off first and that you will not gain the benefit of any interest free period until the full balance (including any balance transfer) is paid by the due date each month.
In the business world, there comes a time when entrepreneurs experience difficulties with business finances.
Typically, borrowers pursue this option when they benefit with a lower overall interest rate, a quicker repayment period, or a lower monthly payment.
Use this calculator to help you calculate business debt consolidation options.