Home: Message List - Consolidating Business Credit Card Debt

Re: Consolidating Business Credit Card Debt

fundme — Tue, 28 Apr 2009 14:08:41 GMT

SUCCESSMINDED,

Have you had the chanc eto get your credit cards debt consolidated yet? if you are still looking for solutions please call or email me

Brian Faulkner
469-402-1125
www.motherfund.com

bfaulkner@motherfund.com

Re: Consolidating Business Credit Card Debt

Chris_Black — Mon, 22 Sep 2008 22:32:17 GMT

What type of business do you own?

Re: Consolidating Business Credit Card Debt

successminded — Fri, 19 Sep 2008 04:02:49 GMT

Hi Fortis!

Thanks for your response! However, like I just told Gambado, when I asked the SBA for help, they didn't offer me any suggestions that would actually help me at this point. There only suggestion was that I contact family & friends to help me out, but most of them are in the same shape financially, witht their own worries, so that is not an option at this time. Thanks for your suggestion though, I greatly appreciate all the feedback & ideas I'm getting!

God Bless You!

Re: Consolidating Business Credit Card Debt

successminded — Fri, 19 Sep 2008 03:57:58 GMT

Hi Gambado!

I just wanted to tell you thanks for your response! You are so right that times are hard! I will have to try and talk my husband into us doing just what you suggested, as I feel that is our only answer at this point. I received a response yesterday from the SBA. I had wrote in and asked if they knew of any financing institutions that could possibly help me out of this situation. The response was no, the only suggestion they had was for me to contact members of my family or friends who might have the means to help me out.

God Bless You!

Re: Consolidating Business Credit Card Debt

Fortis — Fri, 19 Sep 2008 03:55:09 GMT

successminded,

Hope all is well. Did you ever consider doing an SBA to consolidate?

Re: Consolidating Business Credit Card Debt

successminded — Fri, 19 Sep 2008 03:50:14 GMT

Hi Jason!

I just wanted to say thanks for your response. Times are definitely hard for almost everyone right now. I think that the government should step in however, & not let the Credit Card companies do this to people. It's like what lots of gas stations are doing now to people too by increasing the gas prices during times when they should be helping their fellow man, not putting them further in debt!

I have definitely became much wiser due to this, and I will be much more careful in the future!

God Bless You!

Re: Consolidating Business Credit Card Debt

Gambado — Wed, 27 Aug 2008 15:53:24 GMT

Get a line of credit from your bank and payoff your credit cards. If you have a house you can get an equity line of credit. Shrink your expenses, times are difficult.

Re: Consolidating Business Credit Card Debt

jasoncole — Wed, 27 Aug 2008 15:08:59 GMT

It's unfortunate that you got caught in a situation that I have been hearing more and more about.

As home values fall and consumers can't pay off debts by tapping the equity they no longer have there are more defaults on credit cards.The creditors then pass on the losses to other consumers in the form of higher rates. The higher rates usually mean the borrower is more likely to default. It's vicious.

Sadly all you can do now is be sure to read the fine print on any new credit you take out. Most of the credit cards offers I have seen lately have a clause that basically says they can change the terms whenever they want for any reason they want.

If you have been doing business for awhile with a local credit union I'd talk to them first. If not perhaps you can call one of your other established creditors and ask them to up your limit without changing the terms.

Good luck and make sure you read the fine print before you sign.

Re: Consolidating Business Credit Card Debt

LUCKIEST — Wed, 27 Aug 2008 13:40:26 GMT

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Consolidating Business Credit Card Debt

successminded — Wed, 27 Aug 2008 03:16:25 GMT

I have been in business for almost 2 years, and have acquired about $17,000 in Business Credit Card debt. One of the cards has suddenly gone up to a very high interest rate, and another card company mislead me into signing up for another card, which was supposed to have greater perks/benefits. Once I did sign up for the card, I was issued an entirely different card, in which they said was an even better card w/greater perks/benefits than the one I applied for. I activated the card & spent a little over $1K on it, then found out they expected the entire balance to be paid at the end of every month, plus they charged me a membership fee, which was supposed to have been waived the first year. I called them and explained my frustration with them, and they did remove the membership fee, as I told them I was cancelling the account. However, they have put me in a financial strain by misleading me, and I feel that I must consolidate all the cards in order to get the payment to a more manageable level. I need some insight as to the best way to go about this, in order to get a great fixed rate for the length of the consolidation loan. What advice can you offer?

Thanks!
Successminded