About three years ago, I became interested in starting a business. I was tired of working a dead-end job that barely paid the bills. I was over “getting by” and desired to live life to the fullest. So, I did some market research, created a business plan, and set out to find a lender that would give me the funds I needed to launch. I tried applying with the bank I’d used for years, a credit union, and a private lender online, and got the same answer – “We’re unable to offer you a loan at this time.”
When I asked why I was told that my credit report and score didn’t meet the requirements. I had thousands of dollars in credit card debt. I had a history of paying the minimum balance or skipping payments altogether. My debt to income ratio and credit utilization rates were high. Ultimately, my financial record showed that I was irresponsible and unlikely to repay a loan of any size.
Crushed Dreams
After hearing this news, I felt defeated. I felt like I was doomed to stay at my job and struggle to sustain a living. I was crushed and didn’t know where to turn. I didn’t have enough money to start my business on my own, and no one was willing to lend a helping hand. I got depressed and gave up all hope of ever accomplishing my goals.
Do The Work
One day, a friend that I told about my dreams to start a business asked me how things were going. I reluctantly shared my experience and expressed that I had given up. They gave me some advice that changed my perspective. “If your credit card debt and financial habits are the reason you can’t get a business loan, it’s time to make a change. No, getting out of debt won’t be easy, but if that’s all that’s standing in the way of your dreams, it’s worth it. It’s time to do the work.”
Let’s Get Serious
My friend was right. Why was I going to allow my past history with credit cards and financial management to dictate my future and crush my dreams? It was time to get serious about my finances. Here’s a look at what I did to get my debt under control.
- Contacting Creditors – For years I had ignored calls from credit card companies looking to get some form of payment. I realized that this wasn’t the best solution. So, I called them. I expressed my financial struggles and asked for options to get the balance settled. Some creditors lowered my interest rate, some removed late fees, and others offered me a settlement amount.
- Debt Consolidation – Even though creditors were willing to work with me, it would still take forever to pay off my credit cards. So, I looked into debt consolidation. I found stories about people that had used debt consolidation loans to pay off credit card debt. Some people were able to accomplish goals like buying a home, starting a business, and investing in the stock market. I reached out to a company called Brice Capital and got the ball rolling. I was approved for a loan that would get me out of debt in less than 3 years.
- Side Hustles – Now that I had a solution to get my debt under control, I was ready to work on accumulating funds to start my business. That’s where side hustles came into play. I looked up ways to make extra money and committed most of my spare time to try these solutions. Whether it earned me an extra few pennies or several hundred dollars I was willing to put in the work to reach my goals. Every cent I earned went into a savings account and paying extra on my debt consolidation loan.
In Closing
It took me about three years to pay off my credit card debt, improve my credit history, and accumulate a nest egg to start my business. There were times I fell short of my goals, got tempted to purchase things I didn’t need, and became annoyed that I had to allocate every cent to fixing my problem, but I don’t regret it.
For me, applying for a debt consolidation loan through BriceCapital.com was the solution I needed to get my finances in order. It enabled me to focus my attention on money-earning opportunities, which eventually led to me launching my business. If you have a dream that’s hindered by debt or poor financial decisions, you too can overcome your past. Simply do the work, get serious, seek support, and stay the course.
