Tweak Your Biz » Finance » Consolidate Your Business Credit Card Debt And Finesse Your Business Finances

Consolidate Your Business Credit Card Debt And Finesse Your Business Finances



Since the economic recession, the small business organizations are the worst hit among the entire industry and they’re still trying to recover from the shock. A business organization is set up for generating revenue within the nation but when it itself is in debt, the entire cycle of generating revenue is spoilt and the reputation of the business organization is also marred.

If you’re a business owner who has been recklessly using his credit cards to buy things that you couldn’t buy with cash, you must have been looking for ways in which you can pay them off. Credit card balances, when accumulated, will always lead to debt and hence you require taking rock solid steps against your debt level so that you don’t lose the reputation that you’ve earned throughout the years.

Credit card debt

Managing your commercial credit cards

It is most often seen that the business organizations use their credit cards when they’re not able to manage their rising expenses with the revenue that they earn. The commercial credit cards carry outrageously high interest rates and hence when you start accumulating balance you should always take steps to pay them off on time. However, with the rise in the debt obligations among the business firms, it has become impossible to make ends meet with the little bit of revenue that they’re able to save after meeting all their expenses. It is then that the business firms incur huge amount of debt.

The commercial debt consolidation options for the business firms

Business debt consolidation is a debt repayment tool that is sought after by most business firms due to the extreme convenience and simplicity of the entire debt repayment schedule. There are various ways in which you can consolidate credit card debt. Read on to know some such processes.

Commercial debt counselling: This is the best debt relief option for a business that has incurred debt on multiple credit cards and can repay the entire debt load with the assistance of the professional experts. The commercial debt counselor will check your present finances and then offer you with some budgeting and commercial finance management techniques through which you can get back on the right financial track. Once they see that you’ll not be able to get out of debt on your own, they will sign you up with a DMP or a debt management program through which you can repay your debts in easy and affordable monthly payments.

Commercial debt consolidation program: In case you’re too busy to sort out your debts yourself, you can sign up with a debt consolidation program. The debt consultant, who will represent the debt consolidation company will consult your creditors and convince them to lower the rates so as to facilitate the entire debt repayment schedule. If the creditors agree, you won’t have to make multiple payments to multiple companies as a single monthly payment can only be given to the debt consolidation program. They will disburse off your payments to multiple creditors, thereby making you debt free.

Commercial debt consolidation loan: A commercial debt consolidation loan is a master loan that can be taken out from a bank or any financial institution. The interest rates will be much lower than what you were paying on the individual loans and therefore the monthly payments also will be lower. You can utilize the proceeds of the loan to repay your multiple creditors and then start repaying the debt consolidation loan with ease. It is possible to save your dollars and yet stay on the right financial track.

Therefore, when you’re wondering about the ways in which you can combat your business credit card debts, take into account the above mentioned debt consolidation options. Combine your debts into a single payment so as to help yourself regain your lost position.

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The Author:

Rick Murphy is a financial writer associated with debtconsolidationcare.com. His expertise is woven around various aspects of the debt industry .With his articles he tries to impart to people the different situations and simple solutions to get out of difficult situations.

Add Your Comment

  • http://twitter.com/fredchannel Fred

    Welcome to Bloggertone Christian. We use Google Apps and Dropbox. They are incredible services that save us a lot of time. The fact that you can go to any computer in the world and access your email, calendar, documents and even all your files like in your own computer is priceless.

  • Nialldevitt

    Hi Christian, welcome to Bloggertone, great post! Like Fred, I use Google Apps & Dropbox. Something that I have started to use lately and would recommend is Facebook groups, it’s a super collaboration tool and most people are already on there.

  • http://www.sharonhearty.com Sharon

    Hi Christian, great tips, I have made a note to get the Dropbox. Just thought you might like to know you share your topic with another great blogger on his post today recommending Dropbox and Google Docs, http://www.chrisbrogan.com/kitchen-table-companies-defined/nLooking forward to more insight from you :)n

  • Facundo

    Welcome onboard Christian. Couldn’t live without Dropbox and Gapps really :) I would agree on DimDim for casual conferencing, but if your business depends on it (e.g. remote training for people in different areas) I would always go for a paid solution that provides phone support when things go wrong. nAs a recommendation, we are very happy with http://www.teamworkpm.net It’s a very complete PM tool that is nor overwhelming, and they offer great support even in the free version. Oh, also Zendesk is a must if you provide any type of support (almost free starting at 9 USD I believe).

  • http://www.seefincoaching.com/blog Elaine Rogers

    Hi Christian,nWelcome to Bloggertone, somehow I missed you in the group! Great first post, the lists are endless as you well know. I use dropbox for another business, and I love it.nnI do a lot of remote training and IT recordings. I use the software that my clients are using, which is generally Oracle based, or other web conferencing such as Webex or Goto Meeting,

  • http://twitter.com/cksolutions C Kortenhorst

    You should try out go to Training if your working on training wroks really well. nnChristian K

  • http://twitter.com/cksolutions C Kortenhorst

    Would love to here feedback since its first article!nnTo longnTo short nTo technical nAny more topics you would like me to cover?nnPlease take a minute to let me know really like to spread my knowledge. nnChristian K

  • Anonymous

    Great selection of tools. I use Dropbox all the time. Indispensable for moving content between machines and especially for getting content on the iPad and phone.nnI’d also throw Evernote into the mix. This is what I like to call, my external brain.

  • http://TrevaStrom.com Treva Strom

    What a nice surprise to find this link…thanks for the valuable information!

  • http://www.fingertecusa.com/ computer timeclock

    Have you thought about employee clock in software? Timekeeping software can be a great way to keep tabs on time spent working, so that you can pay employees the proper amount and avoid issues about paychecks.

  • http://profile.yahoo.com/F2TXVTTOTQR6ONQFQRGRDSNKE4 Rahul

     The only thing not free on my list is backups, but they are the most important out
    of everything. Wouldn’t it be great to backup your computer remotely
    without you having to think about it and at a much cheaper price than
    buying external hard disk

  • angelina

    Great post . very informative and comprehensive post this is as i assume this is the best way to create the finance and do it with business.

  • Eugene Cilliers

    Debt counselling is 1 of the best options there are, we are looking for a
    solution for a problem that was created by circumstance or by the
    client keep that in mind, there are roughly 5 options.
    • Do nothing and wait for everything you worked for to get taken away.
    • Debt Counselling
    • Administration
    • Voluntary Sequestration
    • Forced Sequestration
    Also
    have a look here and enlighten yourself with the benefits of each
    option.
    http://payplansolutions.blogspot.in/2013/11/credit-rescue-your-ultimate-debt_27.html

  • Allan roger

    We use on premise RHUB web conferencing & remote support appliances for all our business needs. It is easy to use and best part is, it provides everything in one box you need.