How to Get Out of Business Credit Card Debt?

Credit card debt is a very serious problem. If it is not properly managed, it could result in a business failing. However, this does not have to be the case. By following the tips listed in this article, you can start a slow and steady climb to financial independence. Let’s take a look at how you can begin the process of getting out of business credit card debt.

1. Avoid any expenses that are unnecessary

When many businesses get into financial trouble, it is often because of expenses that do not need to be made in the first place. Make a list of all your business expenditures for an entire month. Put them into different categories. One category for things you absolutely must have, then another category for things that your business does not need to survive. You will be surprised what an easy way this is to trim the fat.

2. Pay more than the minimum payment on your credit cards and spend less than what you earn

It sounds so easy in theory, but the reality is that following this advice is the most effective way for any person or business to escape the nightmare of credit card debt. Credit card companies love it when you only make the minimum payment. They make the vast majority of their money on interest for late payments. If you only make the minimum payment, the debt will be hanging over your head for many years. As far as spending less than you make, budget your expenses. Eliminate anything that is not absolutely essential. You may not be used to a frugal lifestyle, but your spending habits got you into this mess. Now you need to change them to get your business running smoothly again.

3. Keep close track of your finances

Many business owners have problems because they are not aware they are having financial difficulties until it is too late. Monitor all of the credit card processing that your business does, along with your merchant accounts. These are key things that should not merely be glanced at once a week. By keeping a close eye on your merchant accounts and credit card processing, you will be able to spot any problems early and take a proactive approach to solving them.

4. Contact your creditors

If you have been on time with all of your payments, contact your credit card company. Ask them if they would be willing to lower your interest rate. You can also request a new payment schedule so that the due date is at a more convenient time of the month for you to pay it.

Leave a Reply

GET FREE QUOTE TODAY AND START SAVING


Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
Call Us Today! (866) 837-0751

© 2016 CreditCardProcessing.com. All rights reserved. Privacy Policy
CREDITCARDPROCESSING.COM, LLC is a registered ISO of Wells Fargo Bank, N.A. Walnut Creek, CA

*Further terms and conditions may apply. Promotion contingent upon CreditCardProcessing.com's receipt of written competing offer(s).

**Certain restrictions may apply.

Promotional offers brought to you by CreditCardProcessing.com.

Call (866) 837-0751 for details.