Consolidating small business debt sabah sugermummy

While debt consolidation can seem like an ideal solution for loan repayment, business owners should realize that the practice is not without its drawbacks.

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You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Small-business owners know it’s easy to get sucked into a debt cycle, especially when dealing with emergencies or unexpected dips in cash flow.

Some end up with “stacked” loans — multiple loans or merchant cash advances with annual percentage rates in the double or triple digits.

Here are some of the top reasons to consider debt consolidation.

Single Creditor One of the primary benefits of debt consolidation is that you only need to deal with one creditor instead of many.

In other cases, changing your financial habits might be necessary to avoid going into further debt.

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