Ask The Get Out of Debt Experts Business Debts

I Am a Florist Trying to Pay Back My Business Debt. – Marina

“Dear Steve,

I am a florist who rec’d $ 65,000 in back loan to start up a business.It is Down to $54,000 still have $16,000 in credit card debit with five cards. I have several private and corp clients to pay the bank loans. Plus I have two part time jobs as a florist to pay household bills and paid down the c.c. The bank loans are at 9% the c.c. are 10 to 19%

I believe in consolidating all the loans and credit cards in one payment per month can help me paid down fast and easier. Is this correct? if so how do I go about and which bank is best.

Marina”

Dear Marina,

You have two choices here. If you wanted to consolidate all of the debt into one loan then getting a business loan from a local bank would be the best bet. The only place that seems to give out real debt consolidation loans is LendingClub.com but the limit on loans is not high enough to consolidate all of your debt. It could however consolidate your credit card debt onto a fixed rate loan that you could then pay off.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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