VIDEO: Aggressive Debt Reduction, Part 2

I am a frustrated established business owner trying to keep pace with a competitive market. I am currently sustaining my business on my personal credit cards and have been doing so for quite some time. Now I have successfully maxed out each one of them out. Because all my credit cards are maxed out, I am trying to get a loan in an effort to pay them off. I am confident that paying off these balances will take the noose of the neck of my business. However, I find that most banks view me as a considerable risk because of my maxed out credit cards, and each attempt I make to acquire a loan is denied. I am not quite ready to give up on my business. It is all I have. So, I am hoping someone can tell me where I can go to get an approved loan that will give me the cash I need to pay of my credit card balances, without all the hassles. Step by step so won't hurt either.

Due to the credit market crash, being a high risk borrower isn't going to help you right now. I can't think of any places that aren't a little shady and require ridiculous interest rates that will give you an unsecured loan. Perhaps if you have some equity in your home. Although I would be wary of going that route since you could lose the house if you can't keep up with the payments.

Really, starting a debt reduction program could help. If you concentrate on paying off one credit card as quickly as possible, and then move to the next, you will find that your position as a credit risk will go down. The key is to start paying down SOMETHING.

Also, you can look into non-profit debt consolidation programs. These can help you get your debts into one place. It's not a loan, but it can help you wrap your head around the debt and start paying it off. Watch out, though. Some programs close your accounts while you pay them off, and you may have to pay high administrative fees.

Sustaining your business by using your personal credit cards is a fatal mistake. Take it from me. It is one of the easiest ways to commit business suicide. Like me, many business owners put a lot of focus and attention on income that is not guaranteed and, when things don?t work out as planned, they are forced to use their personal credit cards to save their necks. I know! I was just about to draw my last breath when I found my saving grace. For those business owners, like me, who have already found out how easy it is to make this financial mistake and how hard it is to try to fix it, it will be a relief to know that there is an online resource that is ideal for resolving this very stressful financial situation. At www.snaploans.com a business owner can apply for a loan for up to $500,000. I didn?t need that much, but I was very surprised to know that I could get up to that much. The part I liked best the approval process, besides getting back a response from the company so fast, was that they did not restrict me in any way as far as how I could spend my approved funds. I was able to pay of my credit cards and successfully separate my personal credit from my business credit. This sure did make my yearly tax return routine a whole lot easier. Besides, with my approved loan, I was able to offer my business and personal credit history another chance at survival.

But even a loan to bail you out won't permanently fix the problem. A fundamental change in the way you view money and how it should be used is necessary. Getting out of debt is important -- but it's even better to stay out of debt.