I have a large amount of credit card debt that I racked up
I have a large amount of credit card debt that I racked up building and starting a new business and I have been trying to service it monthly since 2005. During this time the interest rates just keep climbing and now two of the cards have rates over 25%. Last year I made payments of over $6,000 per month and I'm not getting anywhere. I feel that I'm just throwing my money away and now I'm having a hard time paying my other bills. I need help but don't want to wreck my credit score (still over 650) or my relationship with my bank (who hate my cc debt but won't help me with it either).I started researching about credit card debt management and found a company GreenPath (supposedly in my area) and called them. I got a counselor, not from my area, but felt very good about the conselor that I was assigned to and felt satisfied about the time and attention to detail that he took about my case in two appointments. He now has a plan written up for me that will reduce my rates and I just make one payment to GreenPath for $2500 per month, of which $75 goes to them for administering and setting up the deal. With this plan I should be debt free from these cards in less than 5 years ($130K in current credit card debt). Plus they tell me that if I stick with the plan my credit score will probably increase!! Sounds pretty simple and why didn't I do this 5 years ago?? Now I didn't spend a lot of time searching for companies or plans (more prayer time than search time) and I need to do something NOW, so I need you to give me sound advice on this situation.My question is: What are my options; is this a good plan for me, what are the disadvantages and is GreenPath a reputable company or am I getting sold a bill of goods, plus are there other companies out there that will do this better or have a better plan?Thanks in advance!!
I am wanting to secure an SBA loan to move my home based
I am wanting to secure an SBA loan to move my home based business to a storefront location. I also am looking at buying a condo. I have a bankruptcy from 2011 and my credit score is only 709.Should I buy the house first to have something to secure the loan?I'm not quite sure the order of events that would be most beneficial.
Sr Financial & Tax Consultant
This is a "how should I account for it properly" question
This is a "how should I account for it properly" question about accounting & bookkeeping. I have a limited liability partnership which provides monthly distributions to each partner, but a certain amount of monthly income is intentionally NOT paid out as a distribution, and instead is kept within the company bank account for paying bills, operating expenses, etc. We refer to that operating capital as our 'escrow' (I'm sure that's probably NOT the proper term). What I want to know is whether and how to account for this money within a bookkeeping system like Quickbooks Online. Do we even need to account for it as a thing in itself? We of course account for partner distributions & contributions, and we account for income as sales and expenses as expenses. But it is unclear to me how to account for this revolving budget or whether I need to do anything at all special vs. just see the existing balance.
Why does an increase in the ratio of current assets to total
Why does an increase in the ratio of current assets to total assets decrease both profits and risk as measured by net working capital? How do changes in the ratio of current liabilities to total assets affect profitability and risk?
Client had sold their business. It was an asset sale on
Client had sold their business. It was an asset sale on December 20th. Part of the sale included the working capital component. We determined the WC amount prior. On the date of the sale it was $60k less. We now have a 90 days, after that, WC will be actual. The client will most likely receive more money for the WC will be higher.Now since this client is a calendar client. I must wait the 90 days to determine the sale price so I can figure the gain, correct?The money they would get form the WC will be in 2016. That would still be part of the 2015 transaction correct?
I'm writing a monthly cash flow statement and 't
I'm writing a monthly cash flow statement and don't fully understand 'working capital movement'. Also I pay for all my Cost Of Goods sold in advance, so that means I have zero creditors, is that right?
I started a small business about 5 years ago, after an 18
I started a small business about 5 years ago, after an 18 year career with BofA was ended by being layed off. Needless to say corporate america is a much more predictable and stable place to work; and I never want to go back. However, I am having difficultyis taking the business to the next level because of gaps in my knowledge of running a business from a hollistic perspective - while I excel in process improvement and project management strategies, I am struggling in Sales and Marketing, and most specificallythe management of capital. I have invested over $40k cash and my around the clock management of the company, there is a 33% growth rate over the previous years gross sales, but I am completely strapped for cash. There is no working capital by which to growthe company, I am unable to create effective marketing strategies because the client base is not going to respond to internet marketing, and between payroll taking 60% of each dollar and then being double taxed on payroll there is nothing in my tool box withwhich to make an effective change. I am positive I am not the only business owner with this type of challenge. What type of legitimate company would I reach out to in order to raise working capital, and expand the business? If there even is one. Thank you.