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By J. Carlton Ford – Debt Warriors!™

Debt Warriors™ J. Carlton Ford

Are you a small Business Owner?  If so, how’s business?  Are you revolving your Business Line of Credit?  The reasons I ask those questions (above) is before  I co-founded Debt Warriors™  I helped many Small Business Owners negotiate for lower rates on their Credit Cards and helped them with lines of Credit.

Ive  also helped Small Business Owners to prevent making a number of mistakes they would have made without my help.  Today I’ll share the most critical Credit Card  mistake any Small Business Owner can make.

Revolving  Business Credit Balances (Debt).

A client of mine had been running a Flower Shop for two years.  It was 2007 when she contacted the Firm I was working for at the time.  Her Credit Card Debt was due to her not paying off her balances every month.  She would only pay her monthly minimum, yet she would charge more of her Business Expenses to the same Credit Card Account every month.

She wondered why her Credit Card Company turned her down not once but twice.  She contacted the Firm I worked at for some help with her Business Credit Card Account.  She got the Credit Card Company on the phone, authorized me to ask some questions (on her behalf) and what I found was her Business Credit Card Debt was ‘Revolving’  too high on her account.

Basically she was borrowing more than she was paying on her Business Credit Card.  But she was paying her card on time every month!

Why would her amount of  Revolving  Debt  even matter?

I told her that most Creditors use FICO and Beacon Scores to asses your Credit Risk (or worthiness).  I told her that by charging more than she was paying off every month wasn’t doing herself any favors in the eyes of her Creditors.  I asked her to pay down the rest of  her Business Card as soon as she could and to pay-off the entire bill monthly if she could.

So as you can see carrying a high Revolving Credit Card Balance is a Critical Mistake that any Small Business Owner can make. Please try not to make it? If you’d like to learn the secrets of making your Credit Card Company cut your debt in half, check out Credit Card Medic™.