During these tough times, almost everyone is struggling to keep their business in shape, productive, worthwhile and most importantly, away from bankruptcy. However, increasingly we hear of business closures, retrenchments and withdrawal of investments.For some who are able to keep off filing for bankruptcy, their struggle is how to keep their costumers in patronizing their business and keep a steady flow of income. Fortunately, in saving a business there are a handy formulas, one of which is business debt consolidation.Consolidating your debts entails negotiating with your creditors and working out a viable repayment plan that is agreeable to them. Once they are satisfied, this will loosen up collection efforts and drop plans for any lawsuits. This will allow you to have more time to pay your debts, increase your money flow and best of all, keep your business moving until sales improve with the economy.If your small business still has money coming in but sales are declining due to the recession, you may need to start looking into consolidating your business debts so you can avoid collection calls from your creditors or worst, join the bandwagon of bankruptcy, layoff your employees and not be able to rebound back to business.There… Read full this story
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