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New to SUN

GregoryGregory subscriber Posts: 1
Hello everyone-
This is my first day at SUN. I`ve gotten myself into a little fix. I started my own business in the Promotional Products Industry in `03. When I started I didn`t have any Credit w/ the Vendors I use. So, I decided to use Credit Cards to pay the Vendors thinking that when my Clients paid me I would pay the Credit Cards. Well, because of the rising Interest Rates and slow paying Clients I`ve gotten myself in debt. I would really appreciate any ideas on how to better finance my business and/or the best way to pay off these Credit Cards. Any help would be greatly appreciated.
Greg Gist

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    theswaynestertheswaynester subscriber Posts: 15 Bronze Level Member
    Hey!Welcome aboard.Not sure if you had the chance to check out this page on the Startup Nation site... http://www.startupnation.com/pages/start/10steps.asp</A>The "Find the Funding" section may help.
     
    The Swaynester
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    RSchlieperRSchlieper subscriber Posts: 0
    Hello Gregory,
        And welcome to SUN.  Have you tried working with a Credit Counseling company?  There are many out there and they really can help and it`s better than filing for Bankruptcy as your credit will not be damaged too severely.  The Counseling company will help keep payments down or even get the Credit Card company(s) to "forgive" your debt.
        I went through this several years back.
        Good luck.
    Ron
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    MelissaMelissa subscriber Posts: 7
    Hi Greg,
    Welcome to SUN! 
    Your question is right up my alley...you could even say you`re sort of a newlywed - you`re still in the newlwed stages of your business! 
    Getting yourself out of credit card debt can be tricky, but it is doable.  First things, first - put the cards away.    If you keep charging on them, you`ll never catch up...seems like a no-brainer, I know, but there are so many people who never think of this step!
    Now, for the "fun" part.  If you`ve been on time with your payments and have a good history with your credit company, I would suggest calling them and asking for a lower rate.  In many cases, they will give you one with little or no fuss!  While you`re calling them, ask each if they have any balance transfer offers...if you can find one company who has a great promotional rate on transfers which you haven`t charged up, you`ll find it helpful to move most of your debt there (at least temporarily) to slow the accrual of interest and to consolidate your payments.  When the promotional rate expiration date comes around, start looking for another great transfer rate with a different card and move the debt.  Repeat as needed.  This can be a bit of a hassle, but the smaller the interest rate, the faster you can get yourself out of the hole...it`s totally worth the trouble.
    Finally, and this one is just as important as the first step, pay as much as you can to your consolidated bills.  No more minimum payments (if you have been making only minimums) unless, of course, you want to be paying off debts from 2003 in 2023!   
    I hope that little primer gives you some insight and some helpful techniques to better your situation!
    Keep us posted on your progress!
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    ChristinaChristina subscriber Posts: 6
    Welcome, Greg. I, too, have had some credit card debt creep up on me,
    and I have just really been trying to make the biggest payments
    possible on it. Don`t really have any other advice to offer. Hope
    things work out for you  
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