Like many entrepreneurs, you may be relying on credit cards to finance your business. Here are some tips on managing credit-card payments.
Credit cards are now among the most common small-business financing tools.
We both had good credit, so we started taking cash advances on the credit cards to make payroll and taxes. That lasted for several months, while the Brentses made minimum payments on a half-dozen personal credit cards. Amazingly, the Brentses' credit didn't end there. Right after we filed Chapter 7, we got a dozen approval letters from credit-card companies. We threw them all away.