Hello all-

[Anonymous]

I have sooo many questions!  I feel very relieved to have found your forum and am hoping to learn from smart people who have been in my shoes and are willing to give back what worked for them.  We are small town people with a very small heat and air company that is struggling and I need to be smart with our money.  The most pressing question right now is in regards to credit card debt, our 0% interest promo has run out on our chase ink card and I am not sure my next move.  I have $14,000 owed and I have $8,000 cash on hand, but thats all I have until more work is finished. I'm not sure if I need to go to the the bank for low interest, find a new 0% card or just try and pay this interest and all...  If you could guide me to some good info on this forum I wld be grateful!  Ty-Molly-

[Anonymous]

What's the time horizon for the additional work, (aka cash flow)? What are your monthly expenses between the business and personal? If the time horizon is short, and the expenses low enough the best alternative would be to simply make the minimum payment on the card until the additional cash is in. As a small business, taking on additional debt should be the last resort.

[SouthJamaica]

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@Anonymous wrote:

I have sooo many questions!  I feel very relieved to have found your forum and am hoping to learn from smart people who have been in my shoes and are willing to give back what worked for them.  We are small town people with a very small heat and air company that is struggling and I need to be smart with our money.  The most pressing question right now is in regards to credit card debt, our 0% interest promo has run out on our chase ink card and I am not sure my next move.  I have $14,000 owed and I have $8,000 cash on hand, but thats all I have until more work is finished. I'm not sure if I need to go to the the bank for low interest, find a new 0% card or just try and pay this interest and all...  If you could guide me to some good info on this forum I wld be grateful!  Ty-Molly-

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My advice is to just try and pay this.

That's why banks give out 0% interest promos... to suck people into debt.

[Creditaddict]

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@Anonymous wrote:

I have sooo many questions!  I feel very relieved to have found your forum and am hoping to learn from smart people who have been in my shoes and are willing to give back what worked for them.  We are small town people with a very small heat and air company that is struggling and I need to be smart with our money.  The most pressing question right now is in regards to credit card debt, our 0% interest promo has run out on our chase ink card and I am not sure my next move.  I have $14,000 owed and I have $8,000 cash on hand, but thats all I have until more work is finished. I'm not sure if I need to go to the the bank for low interest, find a new 0% card or just try and pay this interest and all...  If you could guide me to some good info on this forum I wld be grateful!  Ty-Molly-

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The advantage is right now it's not showing on your personal credit because it's a business card and "most" business cards don't allow balance transfers so it's hard to move debt around like on personal cards.

USBank does happen to allow balance transfers so I would consider getting a USBank business credit card and balance transfer the debt for another 12 or whatever months they are offering.

Last choice would be to get some new personal cards like citi with 18 months 0% and move it to personal but again then it's going to be reporting on your credit vs currently not.