Don't fall into these Credit Card traps!

Monday, August 20, 2007 6:00 AM

Posted by Jonathan Danylko | Tag: Business | Comments: 0 | View blog reactions

Everyone has a credit card, but does everyone know what the creditors do behind the scenes?

When you start up your small business, you look for cash in the most interesting places: banks, relatives, and maxed out credit cards.

Whoa, Whoa, Whoa!

NO CREDIT CARDS! I keep telling people that credit cards are evil. They definitely have their place, but be aware of how much you will inevitably be paying.

Using a cash advance on a personal credit card is bad enough, but financing a business using credit cards? Not a smart move. I understand that small businesses take risks all of the time, but there is a fine line between risk and stupidity, which may be a reason why some small businesses never get off the ground.

CareOne Credit discusses The Dirty Dozen Credit Card Traps and just proves my philosophy on how credit cards take more of your hard earned money for themselves. Prepare yourself for an informative article.

Look for other ways to make money for your small business besides charging!

Technorati Tags: Small Business, Business, Credit Card Debt, Small Business, Creditors