I’m fond of saying that traditional credit advice isn’t for you, the business owner… but maybe it is…
I’m running into more and more people who want to start small businesses, but also share some consummer issues on debt and have had trouble with impulse purchases and running up their credit cards on non-business expenses.
If this describes you, then first, stop it. Remember that credit is an addiction, and you’ve gotta quit using it cold turkey.
Second, and this is advice I’d only give you…the entrepreneur that also has a credit addiction… cut up those credit cards.
You wouldn’t leave ice cream in the freezer if you were on a diet, don’t put your credit cards there either.
You wouldn’t keep xanax in the home of a drug addict… don’t file the cards away either.
You wouldn’t hand an alcoholic a pina colada… don’t apply for new credit either.
Don’t close the accounts, but get rid of those cards.
Once you remove the temptation, suffer the withdraws and get yourself back to being financially healthy, THEN, and only than, can you consider effectively growing credit for your business. Until then, your business is just an enabler.
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