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February 27, 2005
Start Your Business With Credit Cards
You can start a business with credit cards, but be careful! A business credit card usually makes you the one liable for paying back the debt.
There are "potential risks and rewards for entrepreneurs who lean heavily on credit cards when starting up a business. Plastic can be useful for people who can't get loans from banks or family, or who are sitting on a can't-miss idea and just need some help getting over one big hump. But owners of less explosive businesses can get bogged down quickly in debt, especially if a missed or late payment prompts the card company to ratchet up interest rates. And even though entrepreneurs can open up card accounts in their business's name, they are usually personally liable for bad debt.
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Posted on February 27, 2005 04:22 PM by Corpor62.
Filed in Office Max! under corporate credit cards.
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