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Business Debt and Loan Consolidation : Help, Solutions, and Services

There are a lot of businesses that run into financial trouble and turn to financial advisors to help develop a business debt and loan consolidation plan. As with a personal debt consolidation plan, the key to having success with a business debt consolidation plan is to stay with it until you have your finances back on track. If you haven't already done so, you need to ensure that you take some extra steps to give your business debt consolidation plan the best chance to succeed. Some of these steps may seem a bit much, but if you want to save your business from going bankrupt you'll need to make some difficult decisions.

The first step in any business debt consolidation plan is to assess just hoe many of your outgoings are essential to the business. The most important part of any business debt consolidation plan is to realise that you are going to have to cut back severely on your expenses to get your books out of the red and back into the black. Take a careful look at your levels of staffing. You should have already discussed the financial situation with your staff and informed them that you are going to be forming a business debt consolidation plan. Obviously, the staff will then realise that there are going to have to be some cutbacks, or a reduction in pay to give the business debt consolidation plan any chance of success. You may find that some of your staff decides to leave of their own volition which will have a positive effect on your business debt consolidation plans.

Don't be tempted to try to replace every member of staff who decides to leave upon hearing of your business debt consolidation plan but give the remaining staff the option to take on more duties or longer working hours. If you explain the business debt consolidation plan to your most trusted staff members they may agree to work extra hours for less money, simply to help you focus on your business debt consolidation plan. This will not last forever, but it is a good place to start. You can always reward your staff once you have got your business debt consolidation plan underway. You may discover that you need to cut the hours of all of your paid staff to cope with the reduction in finances that you will have available whilst you are working on your business debt consolidation plan and this is where you are going to have to put in the extra effort yourself.

Choose A Better Balance Transfer Card

If you are currently experiencing problems making repayment of your credit card debt, then the time has come to consider switching your credit card account to a 0% account.

However, if you make the wrong choice, you could end up in the situation where you actually pay more to the credit card company than would otherwise have been the case if you had stayed put !

So, to choose a better balance transfer card is to make a wise choice; and to help you here are some of the things you should be on the loom out for :

What you want

· You want the balance transfer card to offer you 0% interest for the longest possible period

· You want the card to have no joining, fixed or associated fees that may act as an alternative to interest

· You want the 0% interest to apply to the entire balance you transfer to the new card provider

· You want to be able to spend on the card if you need to and for the new spending to also be subject to 0% interest for the offer period

· You want the APR after the initial offer period to be low

· You want to be able to transfer the balance of your credit card account to a better balance transfer card at the end of the promotion period without incurring any fees for doing this<

· You want to know if the 0% interest rate also applies to any cash withdrawals

· You do want a good rewards program

What you don't want

· You don't want fees and charges of any kind

· You don't want the 0% interest to only apply to new debt incurred on purchase made on the new card itself

· You don't want to forfeit the 0% interest in the event that you fail to make a payment or if you make a late payment

· You don't want to be creating new debt on the account if you can avoid it

If you choose a better balance transfer card wisely, you should be on the road to recovering your financial health and stability. Always keep in mind though that you are transferring your money to a better interest rate balance card for a reason, so do not rush out and spend all the money you are saving in interest payments, use that to help reduce your principal outstanding debt !

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Business Debt and Loan Consolidation : Help, Solutions, and Services

Choose A Better Balance Transfer Card

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