Boost Your Business Credit Score With Debt Consolidation
Are you a business owner struggling to manage the monthly payments on your various debts? One way to make your financial life easier is to use debt consolidation to obtain a lower interest rate. Another benefit to debt consolidation is that it can have a positive effect on your business credit score. This is because your old debts are paid off in full and, as long as you make your debt consolidation loan payments on time, the credit agencies will regard you as a responsible business owner.
How Does Debt Consolidation Work?
A debt consolidation program makes use of a special loan to pay off your existing debts. Your debts are not forgiven or even reduced, but your total debt becomes more manageable by rolling it into just one monthly payment. The big advantage of this type of loan is that you save money by paying a lower interest rate than the rates you were paying before.
How Does Debt Consolidation Impact My Business Credit Score?
Credit agencies will be impressed that you have paid off all your debts. Your debt consolidation loan will show up as a new credit account, so you must make consistent, on-time payments. If you do, your business credit score will continue to improve, and it will be much easier for your business to obtain any funding you may need. Conversely, if you begin to make late payments or miss payments, your credit score will decline and business financing will be harder to obtain.
Commit to a Debt Consolidation Program
Once you are convinced that consolidating your debts is the way to go, it’s crucial to find the right debt consolidation loan that will provide you with the benefits of lower interest rates and maintenance costs. Norris Commercial Capital is an experienced lender in the field of debt consolidation and will work to provide you with the best debt consolidation loan for your business. Why not give us a call today?