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Regain Control with Business Debt Consolidation

Consolidating debt for your business should be something you could be considering if you have several business loans or credit cards. This will not only help you as a business owner, being able to fit all your finances under your hat but consolidating can help your business grow.

Let’s be honest here, debt is unavoidable, in small and even large businesses. Honestly, financial leverage is the main point of growth. But small businesses can become overwhelmed easily with various forms of personal and credit card debt, which can strangle a business’ growth.

Even though debt might be part of having a business, one might want to lessen the pressure they might be bearing, hence debt consolidation.

What Is Debt Consolidation?

Debt consolidation takes multiple debts, such as high-interest credit card bills or loans, and lumps them into a single payment. If you can get a lower interest rate, then debt consolidation might be a good idea. This will overall reduce your total debt so you can pay it off faster.

If you are dealing with a smaller debt and just want to “optimize” multiple bills with better/different interest rates, payments, and due dates, debt consolidation is a worthwhile approach.

Our Two Cents

Two debt consolidation options we highly recommend would be:

0% interest, credit card: Transfer your debt onto one card and pay the full balance during the promotion period. You will likely need good to very good credit (670 to 739 or higher) to qualify.

Fixed-rate loan: Take the funds to pay all your debt, then you only have one monthly payment to make. You may qualify for a loan if you have fair credit (580 to 669), but lenders will charge more for lower scores.

So, In Short

Debt consolidation does not need to be a difficult, long, or hair-pulling process. With advances in financing and technology it has made it easier than ever to apply, get approved, and get on your way to being a business owner with one less thing to worry about.