The TRUTH About Credit Card DEBT Consolidation In 2023!

How do I move my personal credit to my business credit? I do have a LLC, EIN n business account.

What If You Don’t Have A Business Credit

NO one is setting up a business to eliminate debt. Yall be giving out dumb advice on this app

thank you!!

How can you establish this without a business Vic . Yeah that’s ok to move it to a business if you have a business . Also his are you going to get business credit if the personal credit is fair ?

I have an Llc and ein # but no business ,,, and a business bank account bad credit how this going to help me

Wouldn’t that ruin your business credit

So I just want to be sure that I completely understood what you said so I am going to repeat what I understood. If I have credit card debt I should (1) Start an LLC, (2) Create a business credit line with my LLC, (3) Transfer the credit debt that I have to my business credit card, and then (4) pay it off with very low interest.

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What if you're just starting your business, and there's not a lot of revenue coming in. Would it be best to just put that debt on a personal loan?

If you default on the business credit cards, can they still come after you directly, IF the business is an LLC? Liie cant you technically have the biz file bankruptcy so you dont take the hit personally?

My credit score is good, so I’m not concerned about it at all. I’m considering consolidation because throughout college I got 2 credit cards, completely misused understood & abused them, and now I just want to pay them off. I got my first job post graduation this year so now I have the income to actually start paying on them, BUT I’ll have to start paying back my student loans soon. I understand what consolidation is, so is it even worth my time lumping them all together or am I better off just paying on each individual card?

Apply for balance transfer cards.

I always get cards with 0 interest…after the introductory period is over I no longer use them, but keep them open at 0 balance…I just get another 0 percent interest card before the other card 0 interest ends so that way i always have a card no interest…. It shows I have a lot of credit available with low balance and keeps my debt to income ratio low.

this is by definition piercing the veil. you should never pierce the veil.

what if i don't have a business??

when creating an LLC - wouldnt I have to be in business for a couple years before a bank would hand out any money?

Smooth information my brother! I got a lot of benefit from this for the next move! It didnt cross my mind to use my recently developed LLC as a way to consolidate my personal debt. Even with good credit personally its a perfect way to start building business credit while recieving the consolidation satisfactions by having more financial order. For the questions in the comments reguarding an LLC you can have your LLC and business bank account formed within a week, you just have to do your due dilligence.

Gratitude Vic!! 🪄

I totally understand what you’re saying, what about some of us we don’t have a business

How do you transfer the debt to the business account? What if you have high debt like $40,000 worth?