Credit card management ‘offers quick funding for businesses’
Article Category: Debt Consolidation Help and Advice.
Businesses are increasingly using credit card management techniques as a means of gaining funds in the short-term, it is claimed.
A spokesperson for Lloyds TSB notes the prevalence of fixed-rate loans and credit card products among small businesses looking for extra cash at short notice.
Head of communications Stephen Pegge suggests that an awareness of credit card management and loan management is contributing to a shift in the financial market for business owners.
“In the past, a lot of the time people would just come in and get an overdraft to start a business,” he explains.
Structured loans, business credit cards and leasing have all added to the current financial situation, he adds.
“Small firms often need an answer and need their money quite quickly, because often they have short time scales and may have an urgent requirement for finance.”
Individuals who have seen their personal finance situation worsen due to investing in a business may find consolidating debt could help get them back on their feet.
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