Posted by virayvibe under Business, Loan
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I guess you can say that we are your typical American family. Like most families, we unfortunately got into excessive consumer debt because of credit card spending. I guess we got a bit carried away at the start since we were amazed at how much we could actually purchase. But all good things have to come to an end. When the bills started coming in, that’s when we realized we were in trouble. After some time, we couldn’t handle the payments due to the high interest rate and other extra charges incurred monthly. Every month, we had very little or no money left after paying off the bills and the minimum amount for the credit cards. We definitely had no money left for unexpected expenses. We had to realize this the hard way when one of my children got sick. Aside from all the other hospital bills that we had to settle which weren’t covered by our HMO, the other medicines were really expensive as well.
After that, we decided that it couldn’t go on like this forever. I knew that we had to get out of debt somehow. We decided to seek the help of a debt consolidation professional. He presented us with a plan which supposedly would help us get rid of our debt. However, I felt as if we were taken advantage of. After paying their consultation, processing, and all other fees, the plan fell short of our expectations. Instead of making our monthly payments lower, we ended up with the just about same amount being paid which did not help us at all.
Since we were already at the end of our rope, we felt that we had no choice but to file for bankruptcy. We originally wanted to file for chapter 7 bankruptcy, but we were afraid of losing our home, which was still under mortgage. So we went to a lawyer to check out our options. He suggested filing for chapter 13 bankruptcy instead since we have been paying our bills regularly. True enough, this proved to be the better option. Slowly but surely, we are paying off our debts and have promised not to make any unnecessary debts anymore.
Just like how Personal Loans can contribute to one’s personal credit, Business Loans also gives a business a Business Credit that help track its financial credibility and responsibilities. Financial credibility is very important especially if you are looking at expanding your business in the future. It will be easier to impress lenders, attract customers, and get chances for unsecured financing when your business has a good business credit. These are just some things that make having business credits important. It is very much like the importance of having good personal credit to getting jobs and acquiring loans and services. If you are looking into starting to build your business’ financial credibility, check out EZUnsecured.com.
