Familiar Business Credit Troubles and How To Overcome Them
Published on 10/29/2009 14:52:11
• Problem: When you use your personal credit card to buy business items, you instantly slash the amount of credit you have available to get the things you and your family need and
want. And if you, like many Americans, regard your credit cards as the financial cushion that will carry you through emergencies, like an illness that makes it impossible to work,
wasting your credit on business expenses might destroy your safety net.
Please request the FREE VIDEO presentation on how to build your business credit by contactacting us at info@wealthbudget.com or call 757-692-3210.
• Problem: When you invest your savings into your business, you might see a return on your investment. But if your business goes under (a strong possibility, when you consider that the Small Business Administration reports that 95% of businesses close their doors within 5 years of opening), you'll lose EVERYTHING.
• Problem: When you use your personal money and assets for financing, you risk damaging your personal credit in two ways. One, getting the financing requires a personal credit check. And every time an inquiry is made, your credit score takes a hit. The lower your score drops, the harder it is to secure financing - especially with the most favorable terms. Second, the more credit you have personally guaranteed for your business, the less lenders will be willing to give you for personal use. Signing that loan for your business could prevent you from getting a mortgage on the new house you plan to buy a year from now.
• Problem: And when you persuade your spouse to start using his or her personal credit to finance your business, you dig a deeper hole for your family to crawl out of. If your business
fails - as 95% of business do in the first three years, according to the Small Business Administration - your family will be wiped out financially.
If you would like to speak with a financing expert, please contact us at info@wealthbudget.com or call 757-692-3210 and ask for a free phone consultation: ASSESSMENT ON BUILDING YOUR CREDIT
Please request the FREE VIDEO presentation on how to build your business credit by contactacting us at info@wealthbudget.com or call 757-692-3210.
With sincere appreciation to our affiliated partners, Corporate Credit Conccepts and their Founders, Chad and Trent Lee.
Galia Kouzmanova
President
WealthBudget Executive Partners LLC
Follow our BLOG at http://wealthbudget.blogspot.com/.


