How to Consolidate Business Debt

Video Transcript

"Hi, my name is Maria Enomoto from Consumer Credit Counseling Service and we're going to be talking on how to consolidate any business debt. If you happen to have a small business for example, for instance and you're having problems on paying that debt on their terms, best thing that you can do is contact the financial company that issued you that card or that loan for your business. Because probably you can rework with them any of the terms that you have, currently have. Another thing that you can do is to apply for another loan that you know is going to give you better terms so you can use that money from that loan to pay off the first or, or several loans that you may have right now. But the best thing to do is to contact them first just to make sure what you have available. What options do you have available, what programs do you have available. Because if you have been doing business with this financial institution for a while, they probably won't want to lose you as a client and will work a payment plan with you. When you go to any credit counseling agency where they offer consolidation programs, most of the times this consolidation program will be good only for personal debt. So sometimes the creditors will allow business, sometimes they won't and will want to work with the, with the owner of the business just to make arrangements on their own. Just directly with them, so. Best thing to do in order for you not to lose time or payments or miss any payments, is to contact the financial company first to see what options you have. If any of the terms that you currently have can be modified so it's going to be better for you to pay for that or apply for another loan that you know that it's going offer you better terms. If you are thinking of working a consolidation plan through an agency, just make sure first that the creditor will work a business account, through these programs."