Feature Photo by Artem Beliaikin from Pexels
Owners of businesses of all sizes struggle with debt. Start-up costs, staffing, maintenance, and the minutiae of providing for a successful business can lead to overwhelming debt burdens. This can significantly affect the quality of life for business owners. So if you’ve got debt hanging over you, these are five steps of debt busting to get back on track financially.
Debt Busting Step 1: Figure Out What You Owe
When you’re in debt, it can be tempting to ignore bills. However, it’s important to have a clear idea of what you actually need to pay. Sticking your head in the sand will only make your problems worse.
RELATED CONTENT: SMALL BUSINESS ACCOUNTING TIPS FOR STARTUPS
To get started with debt busting, write down a list of your debts, the interest rates, and when you’re meant to repay. Include all debt sources, including credit cards, loans, phone plans, and loa… Read More