With lenders tightening the reins on borrowers and prices for everything on the rise, many companies are straining under the weight of growing debt. Don’t believe that bankruptcy is your only option. Here are six ways you can get your company out of the red permanently:
1. Trim the fat
Identify the areas of your business that caused your company to go into debt in the first place and attack them head on.
2. Revisit your budget
If the debt keeps piling up, then it probably means your company budget isn’t working. It’s to create a budget based on the business’s current financial situation. Make sure your business revenues can more than cover your fixed monthly costs, then, allot a portion of the budget for variable costs.
3. Prioritize debt payments
Tackle your business’s highest-interest rate debt first. Most likely that will mean concentrating your energies on paying down credit cards. However, if you’ve personally guaranteed any of your business’s debt–meaning, if a creditor or supplier can come after your personal assets if you default–make sure paying off those debts is a priority.
4. Have an expert speak directly with your creditors
Never talk to your creditors by yourself. Let an expert handle the situation. Experts know the ins and outs of the industry and can easily speak to your creditors to reach the best agreement for your circumstances. At PCS Debt Relief, your consultations are always FREE! What have you got to lose?
5. Don’t consolidate your loans until you speak to an expert
While consolidating your loans into one payment may be your best option, we’d hate to advise someone to do this without knowing the full scope of their situation. Let us evaluate your situation for free and guide you to the best-case scenario.
6. Seek Counsel
Negotiating with creditors can be exhausting, enlist the help of a credit counseling organization like PCS Debt Relief. You’ll be happy you did!
PCS Debt Relief believes the debt situation of each business is unique. By providing numerous debt management options under one roof, our clients have the opportunity to explore and understand all the possible debt relief solutions available. We will go over the six suggestions above as well as any other possible debt relief options that could be used for your personal financial situation and help you understand how each option can help you get out of debt. For more info, please call us at (636) 209-4481 or send us an email at