Using a line of business credit sensibly is key for businesses owners to enhance their purchasing power. It’s also essential for entrepreneurs to move towards financial freedom. Otherwise, one can easily be tempted to abuse the power of credit which can lead to bankruptcy. Learn how to utilize business credit in an astute manner from the credit master himself, Colin Yurcisin. Let’s delve.
Colin explains that using credit in a responsible way is not only the first step but also an integral systemic part of personal financial freedom. Utilizing business credit wisely is an essential determining factor in securing home loans, vehicle loans, and acquiring capital for major purchase and expansion activities; now, most businesses meddle with these—either one or all of them—as a part of their daily business operations. Colin shares, “Even potential employers may choose to review a candidate’s credit as part of the interview process. Landlords often peruse credit reports of business owners before approving new property.”
Colin recommends that everyone write down a budget and stick to it. As per Colin, achieving financial freedom is a matter of discipline. So, he suggests one to make a budget that outlines all his income and monthly expenditure. This helps one to map how much in available funds he has to spend, and how much repayable debt that person can afford.
Colin is against using a lot of cards. He says, “If you want to use business credit wisely, then limit the number of cards. Don’t go overboard with those glittery credit card offers as applying for too many of them can negatively impact your credit, simultaneously also raising the risk of steep debt.”
What hurts more and cripples one’s attempts to attain financial freedom is when one is forced to shell out money, often, for nothing, like credit card firms demanding late fees. Colin explains, “This may sound like I’m giving my two pennies but even a few dollars worth of exceeding limits or making late payments can elicit a huge interest rate and impede your movement towards financial freedom.”
Colin Yurcisin is the creator of Credit Class, through which he coaches over 300 high-level entrepreneurs how to leverage other people’s money at 0% interest and pump it back into their enterprises to attain more financial freedom. Looking at his knowledge and proven expertise in the line of credit business, Colin Yurcisin’s counsel is worth considering.