How to avoid debt as a small business (part 3)
- Riona Boodram
- Sep 30, 2022
- 1 min read
3. Prioritize debt payments
It is essential that you tackle your highest interest-rate debt first. This allows you to focus your energy into paying off credit cards. However, in the event that you’ve guaranteed any of your businesses debt (if a creditor or supplier can come after your personal assets by default) paying those debts, should become a high priority as well.
4. Consolidate your loans Consolidating your loans into a single payment, allows you to reduce your monthly costs without harming your credit. The best scenario is to consolidate several of your short-term loans into a single long-term package.
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