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Business eServices


More eServices


Personal Credit Cards
Establish Your
Organization
Finance Your
Business
Tax and
Licenses
Grow and
Maintain

Many business owners use personal credit cards to pay for start-up expenses, although it is not advisable to mix personal and business finances.

Issues to Consider

  • Too many credit cards make you look overextended when potential lenders generate your credit report.
  • Future loan applications may be affected by your debt-to-income ratio. Calculate the credit card interest you pay now and factor in how this will affect any future loan plans.
  • If you own a home or other real estate, consider an equity loan in order to pay lower interest and reap the potential tax deductions. Although there is more work up front, you could save significantly on interest rates.
Compare:
Advantages
  • Money is readily available, especially if you have good personal credit.
Disadvantages
  • You will pay higher interest rates.

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