Do I Qualify For Debt Relief? I Have Business Credit Cards

In recessionary times, jobs are scarce and a person may look at self-employment as a source of income. After setting up a business only to find the going tough, he might soon ask, “Do I qualify for debt relief?” The good news is that debt counseling, consolidation and debt management programs are 債務重組 available for businesses to help them survive and attain financial stability. Rather than declaring bankruptcy, a counselor can help the business restructure its debts payments by negotiating longer payment periods with its creditors.

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Before you choose to get help with consolidating your business’ debts, you should ask as many questions as you can to the debt relief company. Here are a few ‘Do I qualify for debt relief’ questions that can help you get started.

Do I qualify for debt relief on my business credit cards?
A business can incur large debts on credit cards given out to its various employees and unless the bills are paid on time, the credit rating of the business could take a beating and make it impossible for it to get further loans to meet future expansion plans. A company dealing in commercial debt consolidation can help the business restructure its debts and gain long-term financial stability by negotiating with the creditors to accept a consolidation program. This would make repayment easy for the business, as only a single payment needs to be made every month.

Do I qualify for debt relief on business credit cards issued using my social security number?
Once your business is well established, you can get credit cards issued for the business using its credit rating without any problem. However, most small businesses face difficulties in getting loans and advances when they are being set up since they do not have a credit rating in place. In such cases, in order to help entrepreneurs, banks and other financiers grant loans to the business based on the personal guarantee of the owner, such as a social security number. Credit cards issued in this manner that are used for meeting business expenses are eligible to be included in a commercial debt consolidation program.

For any further information on ‘Do I qualify for debt relief’ related to commercial debt consolidation, you should contact a firm that specializes in this area. They can help negotiate with banks, credit card companies and other creditors to bail your business out of a financial crisis by consolidating the debts and enabling a single monthly repayment.

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