Since banks are not lending to businesses and SBA is not lending they way the government is stating they are; I have had to use our personal credit cards to keep our business running. My question is how do i begin to pay down my debt when my credit card companies are increasing my rates to as much as 27%. My credit score is declining. I have noticed that if i pay down my credit card, the limits are being reduced so I won't have any availability to continue running my business in slow times. It's a "bad catch 22". I've had clear credit until now. Should i consider one of these programs that negotiate with banks in lowering my debt? How badly will this effect my credit in the future because as a small business owner, i will always need some sort of financing.
