Using my credit cards to put up a business?

I use my 20 credit cards to finance a business, my business is doing well but all my earnings are used to pay for my credit card debt causing my working capital to suffer (no cash on hand).. Any suggestions on how to help me consolidate my credit card debt without having my business to suffer?

I thing you nee a Business Cash Advance
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Hi,

I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here:
http://elfurl.com/tbpbv

Try going to a bank and get a lower interest loan and pay off your credit cards.

Talk to a loan officer at your financial institution about getting a loan for all of your credit card debt with a manageable monthly payment schedule. Then cut up all but 1 of your credit cards. You will need to provide them with an income and expense report to prove you have the income. They may also require a business plan. Good luck!

Get yourself a business plan to show where your business is and approach a banker or investors for one loan to consolidate it all and leaving some money for expansion/salary. If you've got a decent business you will have a better chance at backing. A good source of professional advice for you is SCORE... check them out:

Refinancing existing business debt that is in your personal name comes with many benefits, such as transferring the risk of carrying such business debt under your personal credit. Keep in mind that if you have personally signed for a business loan and your business goes bad, you may stand to lose all of your personal assets â€“ most likely your house. For all start up business financing and business debt financing, it is better to take personal risk out of the equation.

Refinancing business debt entails converting original debt, including outstanding or overdue amounts, into a new debt instrument. There are many reasons businesses choose to refinance. Refinancing can convert a short-term loan into longer-term debt, which can help your small business improve its cash flow and provide more available working capital. In addition, paying off creditors enhances the reputation of your business, reduces the possibility of litigation, and helps re-establish solid relationships between the business and its important vendors. Many small businesses choose to refinance to consolidate business debt, paying off its current debt obligations with new financing.

One important advantage to refinancing personal debt used for the business with business financing, is to reduce risk. Keep in mind that most financial experts would urge you to personally guarantee a business loan only as a last resort. Having a personal loan which is used for the business means you are personally liable for that debt. Refinancing such debt with business financing means you are hedging risk by getting rid of that personal liability.

However, there are certain factors to keep in mind. Certain types of loans contain penalty clauses when the loan is repaid early. There are also often closing and transaction fees typically associated with refinancing. We can help you with questions about transferring debt form your name into your business name.

Search for business credit and business based loans online. Begin your search via google or yahoo by typing in "strong business credit" (just like that in quotes). These mentoring services cost $1000+ but are very well worth it.

Sincerely,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

Been there done that, I had many credit cards and felt like I was getting nowhere paying this one a little, that one a little and so on so I applied for 1 good credit card and transferred all of the ones I had (closing them after transfer) to the one new one and then I had the one payment, not to mention the cards have no finance charge for 6 or even 12 months when you open and transfer to this new card so if you can do that and pay it off in the time line then you will save alot of $$
Good luck!

WOW sounds like a big problem. Maybe you should pick one card and pay a little extra to it every month. This will drive down the balance and the interest charges. I know it sounds crazy but it just might work. You can also resort to making a few extra dollars (to put towards the balance) by making some extra money on line. On line surveys and Mystery Shopping work and do bring in a little money. Here is a link that might help

http://www.yourneighborsrecords.blogspot.com

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