Beyond the valid Dave Ramsey platform of CUT YOUR CREDIT CARDS (which is liberating!), Entrepreneur's blog discloses industry statistics that educate and encourage (hopefully!) small business owners to LIMIT THE USE OF YOUR CREDIT CARDS!From the blog, the study reports:
- 58% of small-business owners said they relied on credit cards for start up money in 2006
- for EVERY $1000 in additional credit card debt, the probability of the firm closing increased 2.2%
SOURCE: http://blog.entrepreneur.com/2009/08/how-credit-cards-make-your-business-die.php
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