What To Do?
My husband and I purchased a business in October of last year.
We were able to borrow against our home for the majority of the cost but the remainder was charged to credit cards and a line of credit.
Other debt that we have is a car loan (purchased prior to the opportunity of our business) and a student line of credit.
In total, we have 4 credit cards, 2 lines of credit and a car loan.
We are just getting by with monthly payments but it is extremly tight with money and we resort to using our overdraft frequently.
What is the best solution for us?
Posted from: Ontario
Unfortunantely, I can’t tell you which solution might be best for you – my suggestion is to contact a trustee in your area and go and speak with them. IF the idea of speaking to a trustee makes you uncomfortable then speak to your company accountant or lawyer first.
It sounds like you’ve done what many people do when they open as new business – you started out without enough capital (money) and so you’ve borrowed to survive.