- Green Member
- Posts: 14
- Joined: Sat Feb 27, 2010 11:14 am
- Website: http://www.businessmoneytoday.com/Search/Business_Credit_Cards.html
- Location: Texas
Try to find a term loan - from your credit union or a community bank - put up something as collateral if you have too or find a family memeber to co-sign.
Think about this - as you stated you will never pay off your current balance as it stands and will pay some $135 in interest per month.
But, a term loan - even at say 10% and you making $200 per month payments - you would be able to pay your balance off in 32 months or just over two and half years.
If you continue the way you are - paying $135 in interest per month - in the next 32 months - you would pay some $4300 in interest - but, with a term loan for the same period - even at 10% - you would only pay some $800 in interest in that same time plus your balance would be zero after that period.
You have to find a way to get out from other that card or it will follow you forever.
Business Loans and Capital Sources