I Am 22 Years Old, Cannot Pay My $200 Balance on My Credit Card But I Want to Start My Own Business. – Nick


“Dear Steve,

I’m 22 years old with a poor credit score due to some medical bills that went to collections when I was 18 I have one credit card that has a limit of 200 and is almost maxed but always make my payments on time and make double payments. I only have i lil bit of debt my credit card and a couple traffic ticket court fines but thats it.

I was watching a tv infomercial with Kevin Trudeau and his book Debt Cures they dont want you to know about and on his infomercial he mentions that there is an unsecured credit card or business card that no matter what your credit score is how much debt you have anyone can get approved for it with a limit of 10K to 15K.

Well I have the mentallity of your famous robert kyosaki my family is really business oriented and I have the mind set that I need to work for my self especially with this economy and I want to open up my own business i already have a plan and everything but my question is do you know of an unsecured credit card with a limit of 10K to 15K like mr kevin talks about that I could get approved for even with my bad credit score whether its a business card or not? or is there anyway to get a loan with my credit score for at least 10k? thank you


Dear Nick,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

I am passionately enthusiastic about the power of entrepreneurism. Ever since I was young I have had my own business, on the side at first and then one with 70 employees. The magic ability of owning your own business can be amazing and drag one out from poverty to abundance.

But dude, you are making a huge mistake here. If you can’t afford to pay off a $200 credit limit card, you have absolutely no business getting a $10,000 limit card. You don’t succeed at business by going further in debt and borrowing your way into small business only digs yourself a deep hole to get out from.

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Of all my businesses, even the one that had 70 employees, I never started with more than an idea and I never borrowed any money to start them.

If you need some cash to buy some supplies to start a business, work some crappy job and save up the money. Pay cash to get going and start from a position of opportunity, rather than instant liability.

Another key to starting a small business is not that you have some fantastic idea, but that you can sell your product and service and deliver what you promise. There are so many opportunities each day for someone to launch their own business but the key ingredient that I see people lacking is freaking hard work and butt grind dedication.

Nick, there is no free ride in this life unless you win the lottery or inherit loads of money. So prove to yourself first that you’ve got what it takes to be successful in business. Make it a point to pay off your $200 credit card on a monthly basis, save cash in the bank towards your idea, and find an opportunity that you can start with little investment and a lot of hard work, and then, and only then, go for it.

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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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