MLM Business Strategies That Get You Out Of Credit Card Debt
If you're a network marketer who is eager to get out of credit card debt, precisely how do you do that? Are there specific actions steps that need to be done? Lots of distributors make the mistake of leaving this to chance. In short, their marketing and cashflow generating is all a wild guess. Don't ever do that. You need to start making money as soon as possible, now. The truth is, your MLM business and profitability depends on short term cashflow, not on your long term residual income.
Let me explain. If you have an additional $500 to $1,000 per month as a result of short term cashflow, don't you think it will lessen and even erase most of the monthly dues and problems that most networkers face? Say yes. If you have a instant stream and source of short term cashflow, you'll be able to pay your credit card debts, your bills, your vital business needs. The desperation disappears. Suddenly, you are able to focus more on the long term aspects of your business because your daily financial needs are being met.
Ok, so here comes the big question: How do you get an instant surge of short term cashflow for your MLM business? The answer is not recruiting (as you know, it takes an average of four to six months to build any downline which yields a comfortable income). If you want to get a stream of weekly and daily cashflow, you need to master the art of retail sales via direct response methods. It's not as fancy as it sounds. it simply means you sell a hot product (probably an information product) through a method called direct response advertising. Then you only recruit the active customers to your MLM business.
MLM Business Strategies That Get You Out Of Credit Card Debt
If you truly want to discover how to make instant cashflow in MLM via direct response methods, and if you truly want to build a huge residual income from a downline group that repeatedly [pays you, then I invite you to visit me at my website . I'll show you free marketing tips and methods that you can use right away. Have fun.
How to fix credit score damaged by a co-sign credit card default debt?
6 years ago, fresh out of high school, I landed a job in a small contracting business. One day, the contractor boss gave me a task: apply for a business credit card for the company. So I ran to the nearest Chase bank. Being young and foolish, without reading what’s on the paper, I filed the application, and in the process probably gave my personal info and co-sign the credit card. I got the card right away, with the company’s name on it. I gave it to the boss, was told job-well-done, and forgot about it. Fast forward 6 years later, I am long no longer an employee. One day, all the sudden I was hit with a collection call from a debt collector. The contractor has defaulted the card with a $25,000 balance. And Chase wants me to pay for it. After writing about 5 debt dispute letters to 5 different debt collectors/lawyers, they probably figured out I was not going to, and not able to, pay the amount, so they have not contacted me again for a year now. However, the debt went on my credit report and my score tanked.
That was my story and here’s my questions:
How can I improve my score now? Can I try to dispute the amount on the report? If yes, what basis should it be on? What procedures to follow? The debt collectors have stopped harassing me for a year now, does that mean they gave up? Or they are going to slap me with a law suit 5 years down the road? Should I sue the contractor to get rid of this debt? Or I am just s-outta luck?
Any suggestions to course of action is welcome. Thank you very much for your help/advise in advance.
I have about 100K in credit cards from my small business. I need help finding a company to reconsolidate?
I tried to settle them but they said that since I had a business as collateral they wouldn’t do it. I have paid more than the minimum and am always on time, but I am writing about 12 checks per month and would like to have one low payment with lower interest. I don’t mind paying the full amount that I owe, but a little help would be great with interest and having a single payment.
Does anyone know of a good reputable company who helps with credit card debt for small businesses? Thank you so much!
-Amanda
A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small BusinessOwner
Initial Underwriting Group
Don’t make any moves.
A wrong move could re-instate the Statute of Limitations (SOL)
This could be done by simply you acknowledging the bill is yours.
Most states this will drop off your report after 7.5 years of the date of default.
Look up that date on all three of your credit reports (not just one)
Get all three for free once a year at Annual Credit Report.com
Never get conned into paying for your 3 reports.
Also google, Statute of Limitations followed by your state name then the words credit card debt. In some states it is much less than 7 years