The coronavirus has put financial stress on many small businesses across the country, and throughout the world. Many business owners are worried they won’t be able to make their business credit card payments. Credit card companies are now offering many relief programs for small businesses suffering financial hardships due to the pandemic. Deferred payments and lower interest rates may help in the short-term, but there is a possibility you may not qualify. Even if you have qualified, many businesses have found they are nearing the end of their relief terms, having just chipped away pieces of the debt or, without any real relief.
If your balance on your credit cards can be paid down within a few months, usually the terms agreed to with your card issuer can work in your favor. But you must be eligible and that is determined by your card issuer on a case-by-case basis. Some factors that can deny eligibility into these programs are: significant decrease in income, late or missed payments and a low credit score.
American Finasco can help with both short and long-term debt. We will consolidate all debts, not just credit card balances. Our services will save you time by negotiating a significant break on interest rates with lenders and credit card companies. We will provide several options to reduce your commercial debt and allow you to stay focused on your business.
If you are still struggling with debt, contact American Finasco for other commercial debt relief options. Even if you have been denied relief from creditors, American Finasco knows how to work with creditors to reduce your debt, saving you time and money.