Business Debt/Business Debt

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Expert: - 11/13/2006


Question
I started a business in 2003, at this time my business is no longer, and I accumulated 7,000 in credit card debt. Financially I am struggling to pay the minimum payments on these 2 cards. What is the best way to handle this debt. I have already tried to have them lower the APR but I can't get any better than 18.9. Any help would be greatly appreciated.  

Answer
Thank you for your great question. It seems as if you have already attempted to contact your creditors to lower interest rates. I would suggest another attempt, but this time request that you speak to a supervisor or manager that is authorized to approve a further reduction in interest or alter payment terms. Your debt amount is not enough to benefit from debt settlement, which would be an ideal solution for a business with debt amounts over $15,000 and a significant hardship, considering bankruptcy or going out of business. If contacting the creditors proves futile, then I suggest contacting a reputable Consumer Credit Counseling company such as Care One Credit, check the link for more information: www.careonecredit.com
They should be able to negotiate a lower interest and payment plan on your behalf. Best of Luck.  

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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