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    3 Replies Latest reply on Sep 24, 2008 8:52 PM by DomainDiva

    Need to manage debt better

    Facelogic Newbie

      We own a facial spa and we have been open for 1 year on October 20, 2008. We do not have an SBA, we have assets against one loan, and 5 unsecured loans, but the payments are hard to manage with interest and fee on the unsecured. Can someone help us figure out where to get all our loans under one umbrella. We have been open 1 year and our business right now has a guaranteed income.
        • Re: Need to manage debt better
          LUCKIEST Guide
          Need to manage debt better, Welcome Donna

          Congrats on your first year. My first question is do you have an Accountant??

          To really help you, I need to understand "payments are hard to manage"??
          Is part of the problem "cash flow"?? Scheduling the payments?? Timely??
          Do you really want all your loans under "one" blanket?? Maybe consolidate one or two.

          LUCKIEST
          • Re: Need to manage debt better
            LUCKIEST Guide
            Need to manage debt better, Welcome Donna

            This is my second post. Do not know what happened to # 1

            LUCKIEST
            • Re: Need to manage debt better
              DomainDiva Ranger
              Getting one loan may not be the answer. Get Dave Ramseys Money Makeover Book.

              Basically you take the highest interest/balance loan and start making headway into the principle while paying minimum on your other loans.

              Lets say you could 1500 a month to the largest unsecured loan and 500 to the other smaller loans. As soon as the largest most expensive loan is paid off, take that 1500 and put it towards the next largest loan along with what you were paying on that loan before (maybe 100.00) so now you are paying 1600 a month on the next largest loan.

              This actually works. Credit is super tight right now and you have to get started as soon as you can paying down your debt.

              If the interest and fees on the unsecured loans are a problem...why not try and renegotiate these with the lender once you have a payment plan worked out?