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8 Replies Last post: Apr 27, 2009 9:59 AM by fundme

Business Credit Card Consolidation?

Feb 23, 2009 2:07 PM

Click to view PacificPizza's profile Professional PacificPizza 6 posts since
Jan 26, 2008
Okay here is a problem that was brought to my attention.

If you call one of these credit card conssolidation, can you combined your personal credit cards as well as your small business credit cards? Are there companies that just works with the small business debt issues?

I have a business credit card that started at a fix 8%, but due to defaults on my personal credit, they raised my interest rates to 37%!!! I have tried to explained to them that I have never missed a payment on my business card but they dont seem to care...... What can i do?
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
1. Re: Business Credit Card Consolidation? Feb 23, 2009 3:19 PM
in response to: PacificPizza
Business Credit Card, WHO are you??

Go to Members page and share some info.

If I had a credit card that was charging me 37% interest, I would cancel that card.
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Click to view PacificPizza's profile Professional PacificPizza 6 posts since
Jan 26, 2008
2. Re: Business Credit Card Consolidation? Feb 23, 2009 8:35 PM
in response to: LUCKIEST
Luckiest...please share some meaning information.

That was the whole point of this post... I have a business credit card that raised my interest rate throught the roof. I called to complain, but they just told me to keep making payments. The business credit card is with Advanta.com. I started it with 7%. My credit score is now at 630, but I have missed a few mortgage payments. They out of nowhere raised it really high. Suze Orman have pointed this out on her show also. I know they have the rights to raise interest rates but I wasnt prepare for a 20%+ raise!

My questions is for those who have experience with debt consilodation, can you do it with a small business credit card also or no?

Luckiest, please dont response if you dont have any educational facts or opinion. If you are so surprise...do some research. If cancelling the charge would take away the 37%, I would !

Thank You.

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Click to view sunrepro's profile Start-up sunrepro 2 posts since
Feb 23, 2009
3. Re: Business Credit Card Consolidation? Feb 24, 2009 7:35 AM
in response to: PacificPizza
PacificPizza, I'm in the same boat with you on Advanta. We are also looking into Business Credit Card Consolidation. I hope we can hear from someone with "straight forward" information. Please share any info you get and I will do the same!
Good Luck!
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
4. Re: Business Credit Card Consolidation? Feb 24, 2009 7:43 AM
in response to: PacificPizza
Business Credit Card Consolidation

Talking about sharing some meaning info, how about going to Members page and sharing with us.
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Click to view bmt2008's profile Mogul bmt2008 305 posts since
Jul 30, 2008
5. Re: Business Credit Card Consolidation? Feb 24, 2009 10:26 PM
in response to: PacificPizza
From my expereince, most consolidations are more interested in balances than what type of balances. Plus, they want high balances as they earn more fees off of them.

No lender likes to hear the word consolidate - it is a four letter word in the industry.

The only option that I can think for you - given the information you provided - is to try to find another way to pay off your balances. I know that is obvious - but try to think of what you do have that can be used as collateral for a loan (a loan with much lower interest). Also look for loans or advance products that don't focus on your credit but focus either on your customer's credit or cash flow.

Do you accept credit cards as payments? There are business cash advances that do not rely so much on your credit. What about equipment - nearly any business equipment can be sold to a leasing company (for cash) than leased back. You would make payments like you would with a loan and could even purchase the equipment back at the end of the lease for a little amount like $1.00. Again, nearly all types of equipment (even autos) or even personal assets can be used.

Do you have accounts receivables - where the factor is more interest in your customer's credit than yours?

Just some thoughts

Business Money Today
www.businessmoneytoday.com
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