Search Results for: repaying payments
Pros & Cons of Line of Credit for a Small Business
Obtaining a line of credit for your small business can provide you with emergency capital when things arise, but it can also put you in debt at a time you are trying to get your business off the ground. Lines of credit are established through financial institutions as well as the Small Business Administration in varying amounts. In deciding whether you want to obtain a line of credit for your small business, you need to decide what you will use it for and how it will be paid back.
What Is the Best Way to Get out of Debt?
According to the University of Illinois’ Consumer and Family Economics educator Pat Hildebrand, paying the minimum payment for $2,500 of credit card debt with 21 percent interest will cost you nearly $15,000 and take 63 years to pay off. However, with so many debt consolidation loans and debt repair services out there, it can be a real challenge to figure out what the best way to get out of debt may be. This snowball method offers fast results and works on the same principles the debt repair services use, minus the big start-up fees.