So, you are checking the mail, and are about to throw out all that junk mail, when you see one for a zero interest credit card, and that you are "pre-approved", you hang onto it for a second, then are about to shred it, you have been looking for ways to pay off debt, but then change your mind and have a look at it again.
You don't really need another personal credit card, but you do have a home business, and you didn't do as well as you would have liked with this latest recession, and you have a few accounts and suppliers that need paying. But, you don't need a credit card to do that, you need actual cash. The suppliers don't take credit cards, they want cash. But this is where you can get creative.
If your debt is business debt, and you feel you just need a boost and that your business will survive and carry on, then why not use one of these credit card companies? If you were to go to the bank, you would have to show them your business plan, which is fine, but they may not want to lend you the money to pay your suppliers if you can't show the income.
When looking for ways to get rid of debt, especially a small business debt, you sometimes have to get creative. So, take a look at this zero interest card, and phone them up and get them to put the money in your bank account. There may be a fee for this, but it is usually a one time fee. Then get rid of your small business bills with this cash. Sometimes they will send you checks to use for these bills, you can just write it to cash and put it in your business account.
Business Debt - The bad news about this, is that if you were keeping your business and personal life separate with finances, then now you have just temporarily combined them, as the zero interest card will be on your personal credit. So, this just give you the boost you need to get out there now and make some more business.Credit: morguefile.com
The problem with suppliers, is they will cut off an account or freeze it until they are paid. The problem with that, is you can't do more business without the supplies. This is a "catch 22" situation. So, if you have customers and you just need to get back on your feet, enough for paying back the suppliers so that you can carry on, then use one of these zero interest or low interest cards to get the cash.
Business Suppliers - As long as you use the cash to get rid of the supplier debts, then you can set yourself up a payment plan where your business makes the payments on this card. Make sure and have it paid off before the regular interest kicks in. This is what the card company is counting on. They are hoping you will be too busy to notice that date go by, and that 17% or higher is tagged on.
So, to make this work for you as a way to get out of debt, especially business debt, make sure and mark it on the calendar. Make sure you mark it at least 2 weeks before the end of the zero or low interest offer, and try and set your business up to be done paying it by then.
This might be the boost you were looking for. As a bookkeeper I have seen this horrible "catch 22" many times before and it just totally stalls a business. The suppliers are scared and freeze the account, maybe you had a few customers not pay and therefore you could not pay your suppliers in a timely fashion. Some suppliers are strict and won't even work on a payment plan. But what they don't realize, is that if they stop this business from operating by cutting off supplies, then the chances of getting paid are slim.
So, if you are one of these micro or small business, that ran into a dry spell, but feel if you could just get more supplies you would be back on your feet, then check out these offers of zero interest credit cards. Use them for the cash, use them as a way to get out of debt, or deal with suppliers, then get back to the business of running your business.Credit: morguefile.com
Make the Payments a Priority - Make sure you make this loan a priority, as you just loaned the business some money from yourself. The credit card company is going to be looking for you to pay it, so make sure you get your business back on track, then get it paid off. Sometimes that is all that is needed to give a small business the boost it needs. But don't forget this card. Mark it on the calendar, work out just how much a month you will need to get this paid off.
Ways to Pay off Debt - Some of my clients have done this, and it was the answer. This kept the business oiled and running. It can be hard to get credit at the banks, so sometimes you just have to get creative with paying off debts and bills. You have to be pro-active, know exactly where you stand with your money, whether it is personal or business. As a business owner, you have already taken on risk. If you know that your business can survive, then getting creative with your cash flow is sometimes the only way to keep running.
So, if you are looking for ways to pay off debt, especially suppliers for your business, then search out these low interest or zero interest credit cards and use them to your advantage. Play the game, but if you keep track of the dates and make your payments, you will come out the winner.