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Will working with National Debt Relief to pay off my credit card debt hurt my personal business credit or account?

Date: Thu, 02/09/2017 07:33
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Over the past year, I have allowed my credit card debt to get out of hand. My payments are becoming too much to manage, and I'm exploring options to ease the financial stress. With $27,000 in credit card debt, I am considering using National Debt Relief to negotiate with my creditors and get me out of debt in 24-36 months at a much lower fixed payment. I own my house, all my vehicles, and have no need to take out personal loans in the foreseeable future. I understand that my personal credit will be essentially destroyed and take years to rebuild.

Last year, I started a business with a partner, which is where a portion of my debt was dedicated. I am worried that if I use National Debt Relief and allow my accounts to go into collections, and destroy my personal credit, that my business credit cards will be revoked, and my business credit will go down the drain with mine. I can't afford to lose any of my business accounts or hurt my business credit, as we are finally starting to grow as a small business.

My question is simple: Will using National Debt Relief to consolidate my personal debt negatively affect my business accounts in any way, or are they completely separate?




Your creditworthiness will be questioned if you're not able to manage your personal finances responsibly. So, your business creditors might offer you loans at higher interest rates or not approve your loan request. However, at first, repay debt and then try to have positive items on your credit report. By doing so, you'll be able to prove your creditworthiness to your future creditors and lenders.

Sub: #1 posted on Fri, 02/10/2017 - 03:09

Good Nelly Good Nelly
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First, whether you work with NDR or not, it's your decision. Second, your current financial situation isn't conducive for fresh loans. If you continue adding piles of debt to your existing one, it's likely you'll go bankrupt. And with you, your business partner will also suffer.

Lastly, stop incurring any more debts and work out a debt repayment plan with anyone you feel like and pay off your debts as soon as possible.

The ball is in your court: Business credit or Debt relief.

Sub: #2 posted on Fri, 02/10/2017 - 05:53

paulcahill80 paulcahill80

(Posts: 2359 | Credits: )

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