Information on consolidating your dept
If you’re a small business owner struggling to make payments on credit cards and loans you might have been wondering if consolidating your debt would be a good idea.
Debt consolidation companies often target those with high balances, sending letters and calling with promises to lower your monthly payments and save you money.
If a bank advertises 5.5% on their website, read the fine print. An Annual Percentage Rate, or APR, is more reflective of your true cost of capital.
It blends together the simple interest rate, fees, and other costs to the loan to give you a more accurate representation of the loan’s true cost.
But do these companies really do what they promise, and can they help your business?