I have small business, but money coming from business goes in daily expenses other utilities and just paying interest, i am not able to get rid of principal amount, the amount is not that big, but till its not cleared its big tension to me, i want to be clear from all liabilities, help, i think it will kill me.
I am in debt, its lot of tension, how should I get out of it?
What Girls Said 1
Are there any areas that you're able tighten in to save money to go towards the debt? Changing electricity companies, other phone plans, marketing or business overheads?
What kind of debt is it? If it's small enough can you use an interest free credit card to pay that off, but still try and make the larger repayments on the credit card within the interest free period? Roll it to another interest free card if you're unable to pay it off in the allowed period? There are fees involved but this is generally much less than the interest accrued over a year.
Alternatively work another job on the side to earn some extra money to go towards it.
If it's not a huge amount and it's not drowning you I wouldn't stress too much about it, owning a business often comes with debt and if you can work out a longer term plan to try and get it down it'll get there1
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What Guys Said 3
Get a part time job, drive some uber... put your pride aside and do whatever it takes.0
I'm no expert here, and I certainly don't know all the info of your company, in order to provide a better assessment one would have to have a look at some balance sheet, or at least know the leverage of your company, why is it important? Let's your working with a 60/40 leverage, That's not bad at all, it means you just have to get used to the reality of owning a business, I have recently finish an assessment to some small businesses here in my country ( I was working for a foundation) and I don't know many small business owners that are fully debt free, Again I have no idea how much you owe, but I think is something you have to learn to live with, best of luck1
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