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I still have a business line of credit open from my business I closed 4 years ago. And owe 7,500 on the line of credit. What is the best way to resolve this. At the current time I cannot pay the full amount off. What should I DO! THANKS.
We will try to get you some tips and advice on the options available to you (there are four primary options) and what you should consider.
The quick answer is that there are options for business debts and for lines of credit. Which one you choose will depend on what your priorities are, so I will try to cover all of your options and let you decide the best course of action for your situation, but I can tell you that it might be a good idea to sit down and evaluate debt consolidation options that do not necessitate a loan.
The four primary concerns for someone struggling with a business line of credit debt problem are:
i) monthly payment.
ii) time to debt freedom.
iii) total cost.
iv) the credit rating impact of the consolidation program.
Be sure to evaluate each program, relative to your prioritization of these factors.