Consilidating debt closing business
Next, add together all of your existing loans to determine the total amount of your current debt.
Average together the annual percentage rate (APR) of each loan you are consolidating.
If you feel like you’re struggling with debt, you’re not alone.
The average amount of non-mortgage household debt in the U. reached ,706 in 2017, according to Experian’s State of Credit Report.
Paying more interest over time: Most business debt consolidation loans are long-term, which means you’ll be paying interest over a longer period of time.
Small business owners frequently need to borrow money to cover temporary cash flow issues, fund expansions, and/or purchase new equipment.
If you’ve taken more than one loan for your small business, loan consolidation can make repaying your debt easier and more affordable.
The good news is that home equity interest rates are still near historic lows.
Assuming you have enough equity in your home, this avenue of debt consolidation could be a better and cheaper alternative to carrying high-interest debt.