Most entrepreneurs start with stars in their eyes and hope that their business will get off to a great start and have a multi-million valuation in no time at all. However, tragically, an astonishing 70% of businesses with employees are not able to keep their doors open after the first ten years.
If you thought debt consolidation is the one and only effective tool for debt management and to get rid of your personal debt, it is time to think again. Yes, this is a process that is very helpful where you can borrow more money often at a low rate of interest. You can use it to pay off your small multiple loans.
Debts, when unplanned or gone into in haste, can be quite expensive. If your business loan is costly and charges you a very high-interest rate, then you will end up paying a high amount of installment towards your loans. Moreover, you may have a tough time remembering the due dates of several loans at the same time.