Inside Small Business providing tips on balance transferring credit card debt and ways that it can actually improve your situation. The struggle with balancing positive cash flow and the impact of poor financial management leads to about a 40% failure rate with small businesses. Small things that you can take advantage of such as balance transferring your debt can alleviate some of the pressures of these burdens. Tips include things like finding a 0% transfer rate first and looking to lock in short term rates that are easier to manage. Common mistakes to avoid like forgetting to pay a minimum each month or spending at the same level of your card. The last bit of advice being if you don’t need it, get rid of it. Extra cards can start accumulating balances fast and before you know it interest and fees can overwhelm you.
Key Takeaways:
- Poor financial management accounts for 40 per cent of SME failure, according to the Australian Securities and Investments Commission (ASIC).
- The credit card market is competitive, and this means more choice and more benefits for credit card holders and businesses.
- You can make a “fresh” start by transferring your balance to a new credit card and make headway in paying it off.
“If you are conscientious, you should always aim to pay off your balance faster.”
Read more: https://insidesmallbusiness.com.au/finance/how-a-balance-transfer-credit-card-can-reduce-debts
Leave a Reply