Consolidating debt options
Consolidating debt options - tips on dating a polish man
Now that the emergency has passed and you have more time to shop around, you might choose to refinance that high interest debt—along with any other outstanding loans—into a single payment at a more reasonable interest rate.Unfortunately this last scenario is the most heartbreaking to see because there’s usually not much we can do to solve the problem.
If your existing loans already have relatively low-interest rates, it’s less likely that you’ll get a better rate by consolidating.
Do your research to make sure you understand the ins and outs of both your existing loans and your debt consolidation options, then make the decision that’s in the best financial interest of your business, both immediately and in the long term.
Going about debt consolidation the smart way takes more than just accepting the first consolidation option you qualify for.
As a business owner, it’s critical that you do your homework.
This will ensure that you’ve chosen a loan product that is in the best long-term interest of your business.
If you’re looking into debt consolidation, you’ve probably already done this first step.
It’s easy to identify all of the existing business loans you currently have outstanding when they weigh on your mind so heavily.
Generally, the higher the interest rates on your existing loans are, the more likely you are to get a better interest rate by consolidating.
As always with loans, your personal credit score will weigh heavily in determining whether you qualify for a lower interest loan to consolidate your debt.
Specializing in financial advice for small business owners, Meredith is a current and past contributor to Yahoo!
, Amex OPEN Forum, Fox Business, SCORE, All Business and more. But if you’re juggling multiple outstanding loans and payments?
Simply put, debt consolidation is the process of taking out a single loan to pay off several existing loans.