Holicent
VIP Contributor
Refinancing your business can be a great way to get out of debt and make some money, but it's not for everyone. Here are some things to consider before you decide whether refinancing is right for you.
1.What amount of cash do you have in the bank?
If you're currently in a position where you don't have any extra cash coming in, or if it's a long time since you've had any, refinancing may not be right for you. If this is the case, there are other ways to get rid of your debt without having to refinance—like taking on an additional line of credit or getting a loan from your spouse.
2. What are your struggles with debt or financial stress? It might not be possible for everyone to refinance their business—but if it is, here are some things to keep in mind:
3. Can you afford everything on the terms they offer? Remember that most lenders require that their borrowers make payments on time every month and pay off the principle balance before repaying interest charges. If this is too much pressure for you, then it might not be worth refinancing at all.
1.What amount of cash do you have in the bank?
If you're currently in a position where you don't have any extra cash coming in, or if it's a long time since you've had any, refinancing may not be right for you. If this is the case, there are other ways to get rid of your debt without having to refinance—like taking on an additional line of credit or getting a loan from your spouse.
2. What are your struggles with debt or financial stress? It might not be possible for everyone to refinance their business—but if it is, here are some things to keep in mind:
3. Can you afford everything on the terms they offer? Remember that most lenders require that their borrowers make payments on time every month and pay off the principle balance before repaying interest charges. If this is too much pressure for you, then it might not be worth refinancing at all.
