UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: secondharvest Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: Re: Pay off business debt w/credit card Date: 12/12/2007 11:00 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.