Home > General > Affiliate Marketing Forum

Need Advice: $xx,xxx balance on business credit card (3)

02-12-2019 04:26 PM #1 rafael3000 (Member)
Need Advice: $xx,xxx balance on business credit card

Over the last few years I have accumulated a big balance on my chase business credit card. It has high interest. I don't have any any successful camps for quite a while, and the balance is there.

Anyone dealt with business credit card debt? How to manage it best. transfer to a new card? Any other options?

Thanks

Sent from my SM-N910V using STM Forums mobile app

02-12-2019 09:19 PM #2 iamjano (Member)

If you can pay for it, find a good balance transfer card with 0 interest for the first year and transfer the balance there.

If you feel like you can’t pay the full balance, stop paying for it for a while and after a few months you can try to settle the debt for less than half of the amount. I’ve seen people do 25%. However this will have a negative impact on your credit for 7 years.


Sent from my iPhone using STM Forums mobile app

02-12-2019 11:08 PM #3 vortex (Senior Moderator)

Quote Originally Posted by iamjano View Post
If you can pay for it, find a good balance transfer card with 0 interest for the first year and transfer the balance there.
Super advice!

And if you get the same with a second bank, you can keep transferring the balance back and forth every year to enjoy perpetual 0 interest (theoretically).

Same works for lines of credit - basically any type of loan where the bank tries to get your business by offering 0/low interest for the first year/months.



Amy

Home > General > Affiliate Marketing Forum