The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Pay off business debt w/credit card||Date: 12/12/2007 11:00 AM|
|Author: secondharvest||Number: 265066 of 309109|
I probably do have penalities in my lease but he knows the economic picture in this area and has not pressed the issue. He has a space double mine that opted out of their lease early, went out of business. So two spaces are vacant and businesses in this town are closing left and right, 3 out in the past 4 months alone. This whole area is dead, northern Indiana.
I agree that using the Credit Card to pay him off isn't the best option.
Although, if I use it to transfer a higher balance card then that option isn't even available as the credit limit will be reached.
I am closing the business as we speak, tomorrow being the last day. I have been selling the fixtures and equipment and paying him as I can. We have not set up any kind of re-payment plan but I can offer at least $300 per month, possibly more depending on how my online business does. I will be selling fulltime on Ebay. Have been dabling in it for several years but it's hard to committ the time when you have a retail store full time as well.
I'm glad that I asked, I don't usually trust my instincts but in this case I was right.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|