6 Steps For Businesses in Syracuse NY To Handle Debts Better
Jan 09, 2019 11:02
You need a lot of resources to run a business like time, money and effort. If you don’t have enough money to start your business then you might be tempted to take on a loan. One of the most important things to do when running a business in Syracuse New York is managing your loans and debts.
These six steps will help you achieve a debt-free business in the long term:
1. Create a comprehensive list for monthly payables
You have to create a comprehensive list in order to get a hand at handling your business debts. Seeing your debt organized in columns and rows with their corresponding amounts will give you a bigger picture on where you financially stand. Here are some of the things you can do:
●Start by listing down all your debts beginning from the biggest down to the lowest value
●Include the creditor, total amount, terms of payment, payments made, credit line if applicable and due dates for each debt
●Also create a list for bills and other operating expenses
●Periodically refer to your list each time you pay the bills or loans
●Regularly update this every month and track the changes in your debt status
The general advice is when you have low interest rates from federal credit unions in Syracuse like empower fcu, you should keep up with payments to avoid interest rates.
2. Organize bills due
You have to organize your bills to manage your business’ finances. Missing three payments successively affects the interest rate, which naturally results in increased debt charges. Here are some ways to manage your bills:
●Remember that the key to managing your debts is by paying them on time
●Pay your bills on time or even earlier than the due date to avoid penalties for late payments.
●Write the corresponding amount and the due date for each debt on your calendar or ledger
●If you have an accounting period of every four months, set your calendar to monthly payments to keep track
●Make sure to update your calendar if there are changes in your accounting period
●Set a reminder at least a week before payment is due. Do not ignore this reminder and wait until the following due date to settle your debt.
3. Prioritize high-interest debts
When you’ve organized your debt, make a priority to pay off the high-interest ones first. High-interest debts may overwhelm you if you don’t know how to handle them. From your comprehensive list of mortgages and other business obligations, decide which debt has the highest interest rate. Business loans and expenses take up a big chunk in your monthly bills so make them a top priority.
If your budget is so tight that all you can afford is the minimum payment, do it to keep debts from increasing. Do not miss a single payment; otherwise, it will be harder to catch up with the next one.
4. Keep accounts in good standing
Paying off collectors and charge-offs can be a big help in your finances. Talk to your creditor and see if you can agree on a debt management plan to help cut outstanding debts over time. A debt management plan may save you when in dire need. Focus on those debts that will keep your good standing if you have limited funds to repay them. Do not sacrifice good accounts with mortgages that hurt your credit score.
Pay those debts with past due dates whenever possible. Your creditors will keep collecting on your accounts until you pay your loans or mortgage.
5. Open a backup emergency account
If you have no backup funds on your savings, you will eventually get huge debts.
●Set up an emergency fund however small to cover little expenses. You can manage your emergency account at your fingertips by downloading the mobile banking app in your bank or credit union.
●Shop around and get reasonable rates from federal credit unions when thinking of a significant amount to expand your business.
●Instead of filing for bankruptcy, a backup emergency account helps your business stay afloat.
6. Get help or counseling
Recognizing the signs that help is needed makes you financially stronger.
●Getting help from a counseling agency might help if you think it is hard to pay off bills every month. They can discuss with you the advantages and disadvantages of living in the debt bubble.
●Ask your family to support you when you commit to a counseling agency. Nothing beats the motivation that your loved ones give.
●To be sure, call your therapist and tell him or her whatever financial problems you are encountering to help clear your mind.
How you are going to treat your debt in the future depends on you. If you are currently struggling to handle your obligations, consider committing yourself to become debt-free the earliest time you can. No business, however small, wants to be in debt forever and repaying them must be on the top list so you can focus on getting profit.
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