For Subscribers

Debt End

Money-management tips to help you stay out of the poorhouse

By Paul DeCeglie

Opinions expressed by Entrepreneur contributors are their own.

Overwhelmed by maxed-out credit cards? Installment payments?Personal and business loans? And all this on top of day-to-daybusiness and living expenses? Many start-ups are. Sure, you canjuggle and struggle for a short time, but interest-only payments onsome debts and minimum payments on others may set you up fordisaster. An economic downturn, loss of a major client or anysetback can impact your credit rating, prompt lawsuits or forcebankruptcy. To avoid disaster tomorrow, take action today withthese tips:

Stop borrowing. You can't borrow your way out of debt.Instead, look into a bank loan or a line of credit guaranteed bythe SBA. Lines of credit, available through banks at about primeplus two, are ideal for getting through a cash crunch. If you needequipment or supplies only temporarily, ask suppliers for credit.They often allow a 30 to 60 day extension on payments. Interest,when asked for, is usually reasonable.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Editor's Pick

The Dark Side of Pay Transparency — And What to Do If You Find Out You're Being Underpaid
Thinking of a Career Change? Here Are 4 Steps You Can Take to Get There.
A Founder Who Bootstrapped Her Jewelry Business With Just $1,000 Now Sees 7-Figure Revenue Because She Knew Something About Her Customers Nobody Else Did
Everything You Need to Know About Franchise Law
Business Plans

5 Things to Know and Do Before Writing Your Business Plan

If you need a business plan, there are certain things you need to know and do before you sit down to create it. In this article, you'll learn five things to complete before writing your plan to ensure you get the best results.

Business Ideas

55 Small Business Ideas To Start Right Now

To start one of these home-based businesses, you don't need a lot of funding -- just energy, passion and the drive to succeed.


Streaming TV Is the Future of Advertising — Without Breaking the Bank

Today's consumers expect personal, impactful ads. There's an advertising method that can get you there for half the price, making it the next frontier in digital advertising.

Growing a Business

Scaling Made Easy: How to Scale Your Business like a Fortune 500 Company

Once you have the night-vision skills of Fortune 500 restaurants, scaling becomes effortless. Here are 3 ways to scale, hidden in plain sight.