Running a business can sometimes be a total hassle, especially when debt starts to pile up. One way to lessen this burden is to consolidate your debt.
Debt consolidation is the process of rolling up all old debts so they become one debt, ideally with a lower interest rate than your existing debt. This will make payments more manageable and easier to pay off within a shorter period.
You can choose to consolidate your credit card and other debts through a balance transfer credit card, a personal loan, a line of credit, or a 401(k) loan.
Before you do this, though, you have to do an internal audit. Find out how much money you have, how much debt you owe, and what amount you are able to pay on a monthly basis – including interest fees. Doing so will help you understand if consolidating your debt makes more sense and would save you more money and shorten the period rather than just continuing with paying for your existing credit individually.
When consolidating your debt, you also have to make sure that you choose the best option to go. Does it make more sense for you to get a balance transfer card? Or is a personal loan/business line of credit a better way to go? Think about this, weigh out the pros and cons, make sure you’re not getting yourself in deeper debt.
At Quick Line Credit, what we do is lend you a small amount of money, just enough to help you get ahead in your business. This type of credit may be the most efficient and suitable option for you to consolidate your debts – making sure you’re on your way to becoming debt-free.
Get a quote today and let our highly-trained financial advisors help you make the best business decision.