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    2 Replies Latest reply on Jul 31, 2011 2:47 PM by pizzaman66

    Need loan restructuring assistance

    recovery8 Newbie
      I have been using my own credit cards to financing my business. How can I get help to restructure all my unsecured personal credit cards into one business loan so that I can keep living? With the current retail market situation, I don't think I am alone with credit problems. Can anyone help or give some assistance/direction? Thank you very much.
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        • Re: Need loan restructuring assistance
           pizzaman66 Newbie

          Hi Recovery8,

           

          I feel your pain. As a small biz owner myself, I have been steered by the banking industry to take out lines of credit and credit cards to finance business needs. As we have both found out now, that simply is no way to finance business needs. Interest rates are too high and payments fluctuate too much to be able to properly budget. I am now finding that many banks have minimum standards for gross sales before they will even talk with you about traditional financing for our businesses.

           

          I think what you and I are both looking for is a way to consolidate some of these high interest credit cards into a fixed monthly payment...probably saving us hundreds a month in interest while putting us into a much better cash position overall.

           

          If I run into something, I'll let you know, but until then I wish you good luck.