I'm new, I apologize in advance if this was asked in the wrong section or did not follow a guideline.
I read a lot about people with personal debt and the advice is always; just pay it off immediately with every dollar you have, starting with high-interest cards. The problem for me is my debt is all made from my business and picking a bad partner to business with. Good news is bad partner is gone, bad news is my debt is still here. The problem is, paying it off immediately does not work for me because I need credit to run the business. I can't get to zero when more bills and expenses pile up. With the bad partner gone and my reduction in pay I have been able to cut into the debt just not much faster than the interest rates seem to be.
Other than bankrupting the company, is debt consolidation my answer or is there a better plan?
Approximate Current numbers.
Debt -
Amex 16,500 - 0% (variable limit. charge card has to be paid in full every month)
Citi - 28,000 - 14.99% (limit 35,000)
Chase - 5,500 - 13.49% (limit 6,000)
BofA - 3,500 - 12.99% (limit 6,000)
Vendors - 12,000 - 0% (limit 12,000)
Other expenses - 6,000 - 0%
Total Debt= $71,500
Assets -
Money Owed on Projects - $30,000
Money in Bank - $30,000
Inventory - $10,000
Total Assets = $70,000
Monthly Expenses Needed to Operate -
Payroll, Insurance, Overhead, etc. - $20,000
Total Monthly Expenses - $20,000
*Note - Although Citi is highest interest it also is the higher limit I need. So it's hard to just stop using it over the lower interest cards.
I really just want to get all debt paid and dissolve this company and start over with a new company without the partner that got me in this mess.
Thanks for any help!!
