Small Business 101: Turn To Debt Consolidation When Everyone Says No
Are you in a time of your life when you really wanted to grow your business but banks turn down your business loan applications? As you can probably guess, bad credit score and low income stifle not only your chances of getting a loan, but also your ability to push forward to your goals.
Half the time, many small business owners do not realize that their credit rating is going down because of delayed payments, increased utilization rate and so on. It’s just how credit scoring works, almost like an automatic response to every financial mistake you make. It’s normal because credit agencies are doing its job of recording how you handle your financial obligations. In the same way, financial institutions like banks, utility companies and other lenders are making sure they get repaid. Collecting agencies also serve their purpose. The problem is when they come after you to collect payments and bombards you with notices.
If you feel like your business is going down and all your efforts of applying for loans and talking to investors do not yield any result and everyone is saying “No”, debt consolidation can help.
Here are 6 Key steps to take to know your financial standing and how you can fix your financial problems:
Make a list of your financial obligations and goals.
The list is the raw material you need to get started. Start with the credit report, and all money matters not listed there. Get it down the paper to think more clearly and take a good look at it.
Putting your specific financial goals on paper can bring to light how many expenses you have really talked about your business partner or family. It may look like you have planned for all expenses, but in reality it is only like 50 percent of the total debt! I
Create a time-table
A goal must be time-bound. It shall serve as the basis of the activities you will put out to carry out your plans. Are you doing something to pay off your multiple debts? Which is on top of your priority list? Make realistic and clear activity plans based on your calendar. It can help you take a look at some areas where you can expect results and those that need more financial management efforts.
Check Your Debt Repayment option
Are you using debt consolidation when everyone says no because of your bad credit? Are you going to pay off loans that are going overboard with short-term loans? Make sure that you have the right loan options available at your disposal to avoid bankruptcy issues, foreclosure and court days.
Apply for Debt Consolidation
If you’re having problems with multiple outstanding debts, you have missed payments and you are failing miserably at managing your debts; debt consolidation is the right loan option for you. It can help you build your credit history and save money on interests.
Contact NSW Mortgage Corp today to learn more about its fast-approval, low doc debt consolidation services.