What is:GOOD DEBTBAD DEBTKeep business and personal debt separate6 of 11Using your personal credit card to keep your small business afloat can be a risky venture, says Jessica Cecere, regional president of the CredAbility of Palm Beach County, Fla., a nonprofit credit counseling agency formerly known as Consumer Credit Counseling Service."If your business fails, so will your credit personally," Cecere says.Borrowers also should be cautious when becoming a personal guarantor to take out a small business loan, she says. If the small business defaults on the loan, the lender can claim the borrower's personal assets. Related Articles:Credit cardsMortgage calculatorStudent loansDump debt in 2010Related Links:Best 2010 credit card movesDebt reliefDebt payment calculator10 ways to debt disaster advertisement
Using your personal credit card to keep your small business afloat can be a risky venture, says Jessica Cecere, regional president of the CredAbility of Palm Beach County, Fla., a nonprofit credit counseling agency formerly known as Consumer Credit Counseling Service.
"If your business fails, so will your credit personally," Cecere says.
Borrowers also should be cautious when becoming a personal guarantor to take out a small business loan, she says. If the small business defaults on the loan, the lender can claim the borrower's personal assets.