Debt. It can be an ugly truth. Initially, it is easy to deny or minimize the impact it has on your business. The truth is, the longer you are in denial, the more debt you accumulate. Never underestimate how much you owe. Here are 4 signs of debt denial.
- Taking on more debt
This strategy will put you in more financial distress. Whether it is a Merchant Cash Advance (MCA) or opening new business credit cards when another is maxed out, interest and late fees still pile up! Eventually, these methods will put you into a deeper financial crisis.
- Unopened bills
A pile of unopened and unpaid bills on your desk is a big red flag. If you refuse to acknowledge how much you owe, you are in denial. When bills are left unpaid, your business will suffer the consequences. Don’t wait until that much needed credit is denied, legal action is taken against you, or for those harassing phone calls from debt collectors. Confront your debt head on and call American Finasco.
- Just paying the minimum
Your balances will never be paid off if you just pay the minimum. Along with compounding interest that will pile up. And remember, credit cards rewards are never a good excuse to overspend. There are no credit card rewards that are more beneficial than the high amounts of interest that can accumulate.
- Excessive spending
Think about your purchases carefully. Are you relying on credit cards to sustain your business? Or, do you really need to purchase that new printer when you should be paying down your credit card balances? It can become a vicious cycle. Spending money on things you don’t need or cannot afford at the moment allows interest to pile up and add to your debt.
Bottom line, if you minimize your debt problem, you will find yourself in a deeper financial hole. The first step when dealing with debt and creditors is a phone call to American Finasco. American Finasco has several options to reduce your commercial debt which allows you to stay focused on your business. We provide strategies and take the pressure off business owners who are having a hard time managing their debt. We provide our clients effective solutions for business debt relief. Contact us today to get your business on the right track! Visit Contact Us and complete our Online Form for a free consultation or call (800) 299-2909. We look forward to speaking with you.