How to turnaround your failing small business & stop
SBA loan default
If you are like many small businesses, you eventually hit a financial
roadblock. It may be because of the economy or because your customer's
needs have changed. But while you are struggling to survive, you
are not only dealing with cash flow problems but also facing SBA
loan default. If this is your case, you are not alone. Hundreds of
thousands of small businesses all over the country apply for and
get new SBA financing every year. And the majority of these will
go out of business during their first five years. Facing SBA loan
default is common.
So what should you do about it? Should you just default and not
pay back your loan? After all, the SBA or Small Business Administration
financially backs up all SBA loans through the bank. The bank stands
to lose nothing, so why should they pursue you?
The
3 vital factors you must know before filing for business bankruptcy
Hardships are the real reason households have credit card debt : New bankruptcy law unfairly targets consumers who need credit cards to survive
DTS Financial is working to educate the public about how hardships add to the credit card debt they already have. The new Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has sweeping implications in regards to consumers who are right at the edge of what they can afford to pay.
Moorpark, CA October 28, 2005 -- Although the new bankruptcy law is worded toward consumers who abuse their credit privileges, it is the unfortunate households that suffer the most. According to the new study “The Plastic Safety Net” by Demos and The Center for Responsible Lending, “One out of three households reported using credit cards to cover basic living expenses on average four months in the last year.”
“We want the credit card industry to know that all of our clients have suffered a hardship. Whether it was a divorce, a medical condition, or a loss of a job, all of these events could potentially have pushed a family over the edge. Now with the new bankruptcy law, traditional bankruptcy alternatives have dried up,” states Dan Smith, President and CEO of DTS Financial www.DTSfinancial.com.
The findings by DTS Financial were backed up by the “The Plastic Safety Net” survey. The Demos survey found that, “Households that experienced a layoff or major medical expenses were more likely to carry higher relative credit card debt.” According to Dan Smith, “We also want the public to know that there is a light at the end of the tunnel. That light is our Debt Settlement process.”
Most consumers think that credit counseling and/or debt consolidation are the only options that are available. The new bankruptcy law is going to make it tough for credit counseling firms to stay in business. The debt consolidation industry is coming under scrutiny due in part to their predatory lender practices. The debt settlement process, such as the program at DTS Financial, is rapidly becoming the preferred choice among discerning consumers.
For additional information on the news about the subject of this release, contact Keith Baldwin or visit www.DTSfinancial.com.
About DTS Financial
DTS Financial Group, Inc. (www.DTSfinancial.com) provides consumers with a solution to credit card debt through their Debt Settlement Program. Based in Moorpark, Calif., DTS Financial is a member of the BBB, has more than 2000 clients nationwide, and has settled more than $20 million worth of consumer debt.
About the author:
Keith Baldwin
DTS Financial
www.DTSfinancial.com
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The
3 vital factors you must know before filing for business bankruptcy
Reaching For a Debt Free Life
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