Las Vegas is the dream city for many adventure lovers who want more than just the basics from life. Many entrepreneurs have moved to Vegas with flamboyant dreams of success over the last few decades. Coincidentally, the last twenty years have been the hardest on most businesses based in and around Las Vegas. Almost 50% of all new businesses based in Vegas fail within the first two years of opening.
Why do businesses fail in Vegas?
Along with the other common reasons of business failures, there are quite a few that are exclusive only for business based in Las Vegas. Most entrepreneurs dream of opening shop in Vegas due to the lucrative tax rebates and high returns. There are incredible tax discounts for all people living and loving Las Vegas. However, the cost of living is very high. It is a city built for the tourists, as a result, the common folk usually find transport, shopping and medical facilities a lot costlier than those in other cities. Most businesses go under due to the lack of enough funds.
One of the most dreaded options for all businesses in Las Vegas is bankruptcy. However, this means giving up your financial freedom completely in exchange of some economic relief. You will not be able to qualify for further loans for the next 10 years, you will lose considerable amount of your savings and property.
Instead of driving the last nail through the coffin, you can give your business another chance by opting for debt consolidation loans, tailored for small and medium businesses. Debt consolidation is the process of restructuring all your existing loans and taking out a bigger loan to pay off all your existing ones. You can pay off the new big loan in small instalments over a period of a couple of years at a very nominal interest rate.
How to get a debt consolidation loan?
Just like every other business process, there are a few ways to go about getting a consolidation loan. Here are 7 steps towards rejuvenating your suffering business finances –
- Calculate the debt amount you have to pay.
- Calculate your APR
- Research your options
- Approach banks, online consolidation companies like nationaldebtrelief and credit unions for viable consolidation offers
- Compare the APRs of different companies
- Consolidate all debts with higher rates and payments
- Calculate total monthly payment and see if you can pay the amount at the end of each term
The key to successful debt consolidation is proper planning. If you do not have a practical payment plan at hand, you may end up yo-yoing into debt once again. Debt consolidation is a temporary relief that allows you to recuperate while your business thrives on lower expenses and healthier interest rates.