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6 Replies Last post: Apr 28, 2008 4:49 PM by nytaxguy

How can I move personal debt into business debt

May 11, 2009 8:59 PM

Click to view shoeluv's profile Start-up shoeluv 1 posts since
May 11, 2009
I have $60,000.00 in personal debit that I used to open my business. I would like to move that 60,000.00 into business debt. Any suggestions?
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Click to view phanio's profile Mogul phanio 474 posts since
Apr 7, 2009
1. Re: How can I move personal debt into business debt May 11, 2009 10:16 PM
in response to: shoeluv
That is a nearly impossible task. The only way that I can think of - is for you to refinance the debt under business credit - get a loan using business credit and pay off the personal loan(s). The problem is that it is very hard to separate business credit from your personal credit as most (nearly all) lenders will still pull and use your personal credit for their decission and report back to your personal credit - especailly given an amount over a few hundred dollars.

You can do a few other things. You can consolidate your personal debt - even credit card debt into one affordable monthly payment. This will help improve your personal cash flow as well as could improve your personal credit. You can also seek debt help - to better manage your current debt obligations.

There is informaiton and resources for these on our website.

Business Money Today
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