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In other cases, changing your financial habits might be necessary to avoid going into further debt.If you decide debt consolidation is right for your small business, it’s important to do your research before committing to a consolidation strategy.While debt consolidation can lower your monthly payments and even your interest rates, it doesn’t change the fundamental problem that your business is spending more money than it’s taking in.In some cases, small businesses might need to alter their strategies to boost cash flow.Along with evaluating interest rates and loan terms, business owners might want to steer clear of options involving secured loans, which require you to pledge your own savings or property as collateral.

Do your homework and make the best choice for your specific business’ needs.Structurally speaking, the debtor takes out a new loan to repay the money taken from previous loans.Debt consolidation offers both advantages and disadvantages for small business owners.If you’re struggling with low profits and high costs, debt consolidation could be a viable alternative to defaulting on your loans.Used by individuals and businesses alike, debt consolidation combines various loans and credit lines into single principal and payment amounts, ideally with a lower interest rate.

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