Not
ready to close your business? Proven steps for turning failing
business around.
Some business owners feel as though they are against a wall with
debt and contractual obligations. They are exhausted. Their leases,
loans, and contracts pile up, while their money dwindles. Their
business is ruling their life and they just want to get out.
As a frustrated business owner, you may find yourself in this
situation. You may have tried to turnaround your failing company
with little success. And if you have no buyer on the horizon, you
may have decided you've had enough. It's time to close your doors.
But how do you go about doing this? You will find rows of books
at your local bookstore that cover how to start a business, but
little on how to close one. How will you meet the obligations of
your loans and lease? Do you owe money to the IRS, individual agencies,
or contract workers?
There are many items to consider when you close a business. And
you have some choices to make when it comes to getting rid of debt
and folding your company. Let me explain.
Straight
talk about business bankruptcy and closure
Consolidating Your Credit Card Debt Copyright 2005 MHG Consulting
Credit cards have revolutionized the purchasing experience since Diners Club released the first credit card in the year 1950.
The Dinners Club credit card gave consumers limited credit that, at times, even surpassed the personal savings of some participants. It allowed them to buy items they usually could not afford if they were to make a straight cash purchase. It also provided the convenience and safety of not having to carry large amounts of cash.
On average, American households possess 4 credit cards or a total of 13 payment cards if debit cards and store cards are included. There are, actually, 1.3 billion payment cards of assorted types in circulation in the United States.
But, if you think that credit cards have made the lives of modern American consumers easier, you may be wrong...
Statistics show that the average credit card debt for each household in the U.S. is $4,800 per month. Also, there were 1.3 million credit card holders declaring bankruptcy in the year 2003. This figure is almost guaranteed to decrease since the change in bankruptcy law. A filer is required to pay back a portion of their debt if they are financially able. There are many other changes, mostly for the benefit of the credit card industry and you can find more information at:
http://credit.about.com/cs/legal/a/040601.htm
And if you still consider yourself unaffected by credit card debt, then consider this: upon retirement, most Americans can only expect to receive about 37% percent of their annual retirement income because of prior debt payment. This will leave many individuals depending on the government, family and charity for economic survival.
These are some scary facts. So before you find yourself in a position of economic uncertainty, it might be wise to evaluate your spending and current credit card debt.
If your credit card debt exceeds what seems to be a reasonable level, you may want to consider credit card debt consolidation.
So what is credit card debt consolidation?
In a nutshell, credit card debt consolidation is taking all your credit card payments and consolidating them into one monthly payment. This way, you don’t have to worry about managing the payments individually. Aside from this advantage, it may also provide you with the following additional benefits:
- Reduce interest payments
- Waive late and overtime fees
- Reduced monthly payments
- Debt relief in a shorter time
- Credit improvement
- Save more money in the long run
There are actually two major types of credit card debt consolidation...
You may want to consider a Credit Card Counseling firm. They assist consumers by consolidating all their monthly payments into one single payment and then dispersing this to the creditors on behalf of the consumers.
The other type is through a home equity loan or other secured loan. This is done by exchanging an unsecured debt (such as
credit card debt) for a secured debt (a debt backed by specific assets such as real estate).
Now, credit card debt consolidation isn’t a magic balm that will drive all your credit card debt malaise away. But, it will make paying all your debt easier and might save you money in the long run. Definitely an alternative worth considering...
About the author:
Dan Farrell is the owner of http://www.repair-credit-right.comwith information, articles and tips that will guarantee excellent credit.
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Straight
talk about business bankruptcy and closure
Credit Card Charge-Off – What Does It Mean And What Should You Do A...
Have you been told by a creditor that your debt is about to "charge-off"? Did the bill collector make it sound like you will be ruined financially if you allow this catastrophe to happen? If you're behind on your bills, unable to keep up with payments on your credit cards and other debts, sooner or later you will hear a creditor representative threaten you with the dreaded "charge-off." So what is a charge-off anyway? Should you be worried? What are the consequences of this mysterious event? I'll start by explaining what a charge-off is NOT. Because the term includes the word "charge," many. . .
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