The Dangers of Credit Card Financing — How to Use Credit Cards Wisely in Your Home Business
Home Business, July, 2005 by William J. Lynott
Credit cards offer home-based business owners a tempting source of emergency financing.
Some say they wouldn’t be around today if they hadn’t maxed-out a few credit cards. Still, credit cards present very serious risks for entrepreneurs in need of operating funds. Some experts compare credit cards to drugs: They offer short-term pleasure in exchange for long-term pain. Without a doubt, once the Credit Card Monster gets his hooks in you, it can be painfully difficult — and sometimes impossible — to free yourself.
A look at the latest credit card statistics lends weight to that analogy. Millions of consumers and business owners are in over their heads with credit card debt, and many others are taking their first steps down the road to financial oblivion. Consider: In...
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