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Debt consolidation: How to solve ten debt problems with this one simple solution

by , 15 April 2014
Thousands of businesses stretch their money too thin. The result? They go under because of too much debt. This is because multiple debts, means multiple interest rates and multiple debtors who want their money. Don't let this happen to your business! Use this simple solution to solve those ten debt problems in one step.....

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Debt consolidation streamlines your debt

Paying off debt to several different creditors is stressful because of the different payment dates and amounts. You may even find that you're just unable to meet all your different payment requirements.

Loan (or debt) consolidation is your way out of this.

Debt Busters explains that loan consolidation works by taking out one loan to pay off all of your other debt. This leaves you with one loan to pay off rather than ten. You'll be able to get it with lower interest, which means that you'll be able to save money. When you only have one creditor to deal with, you can manage your money better. 

This means your business can have better money management. But remember that loan consolidation isn't the same as a business loan.

In this case, the debt consolidation firm will negotiate with your creditors and handle the payments. A business loan, on the other hand, is a normal loan which you can still use to pay off your creditors. The difference being that you'll still have to deal with the creditors instead of the firm doing it.

But is debt consolidation for you?

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Three signs your business may be in too much debt

According to Just Money there are a few signs that your may be in too much debt and need debt consolidation. Here are three of those signs for your business:
 

  1. You get constant letters, notices and phone calls from creditors.
  2. You regularly borrow from micro-lenders or take out cash-loans.
  3. You are using a company credit card to pay for basic running costs, debt and installments.

Watch out for these warning signs and if you see them, contact a reputable debt consolidation firm right away.



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