business cards credit
My business partner couldn’t pay his personal credit cards and house payment any more?
the sad part is we have a business together under an LLC. We each has a business credit card that link to our SS#. My credit card has 0% and the balance of 9k. His card has 0% with the balance of 19k. I’m afraid the interest on his cc will go up because of it. Of course, I’m still making monthly payment to our business credit cards . We can’t payoff the 19k right now. What do you think will happen? What should I do?
Thank you for the advices so far. But let just say that I have to keep the business going. Again this is an LLC, will the creditors go after our company?
Dragon is right. Sounds like a sinking ship. These scenarios are the primary reason one should never form a partnership, especially with family members. You didn’t say if his personal cards are with the same company as the business cards. May not matter. All the banks need these day is any excuse to classify him as a credit risk and jump his rates. Same thing with your business cards. Would recommend going to Dave Ramsey.com and listening or call in your question to his show. Could save your butt.
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