Daily Archives: January 28, 2010

Can Factoring Companies Resolve Credit Card Debt?

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Taking on credit card debt is one factor that contributes to business failure. In the last five years, credit cards all but replaced loans for many small businesses, until the economic downturn, and the tightening of the credit markets.

Today outstanding personal loans can factor into an individual’s credit card terms and agreement, and for most credit card issuers the amount of money you have in your bank is also taken into consideration. In addition, consumers with credit card debt should stay clear of cards with reward programs.

One way to clear credit card debt is through accounts receivable factoring. choose an invoice that you know is due, say in 30 or 60 days. Then use a factoring company like IFG. You wil receive funds within as little as 24 hours. Pay your credit cards down to a minimum, and then use them obly once a month for small business expenses. It will improve your credit and resolve your credit card debt.

For more information on factoring invoices contact IFG Toll Free: USA – 877-210-9748 or 877-210-9748, Canada.

Small Business Loans and Economic Growth

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The Federal Reserve said today that banks are not giving small businesses enough access to credit. Nor are they providing enough small business loans that will ultimately support new jobs, let alone economic growth.

Some banks (large financial institutions) are opening lines of credit to small businesses via small business loans and small business credit cards. And until they get these programs in place for small business lending, the banks are stifling the economic growth.

Many analysts believe that a better economy is the only thing that will open up small business lending. And in the meantime, small businesses can use tried and true solutions that we already know work, such as factoring accounts receivable.

Factoring companies like IFG have numerous testimonials from small businesses who have used this financial tactic successfully, whether it is for single invoices, also known as spot factoring, or multiple accounts receivable invoices.