"Debt Consolidation Specialists - Finance Know How are dedicated to helping individuals and small businesses in Brisbane to increase their cash flow by addressing their overall credit position and consolidating their debts."

Debt Consolidation Improves Your Business Cash Flow

A small business owner should invest in, and become familiar with, accounting software that controls Accounts Receivable, Accounts Payable, Inventory (if carrying) and General ledger. Close monitoring of your receivables, especially, will allow you to keep better track of what you have coming in and apply good credit strategies. A few ideas for generating cashflow for your business -

• Offer small discounts or other incentives to customers who pay promptly or before the "due" date.
• Always do credit checks on your customers.
• Track your accounts receivable to identify slow paying customers.
• And most importantly - watch your expenses closely.

Reducing Your Debt & Debt Consoldation Tips

If your credit card debt is out of control, the first thing you should do is to find a new card with a lower interest rate. Your interest payments could be almost cut in half if you reduce your interest rate by just 5 percent.

Register your bills with your bank online. The advantage to doing this is that you’ll become accustomed to making regular payments in a timely manner. Having your bills paid automatically is also a great buffer against late fees, which can cost you as much as $40 a month - or $480 a year.

If you have a mortgage with an adjustable interest rate, you may well be in for some higher monthly costs once that rate adjusts. Check your mortgage documents for rate caps - that’s the limit on how much your rate could rise once the introductory fixed rate period is over.

To protect yourself with debt reduction techniques- and your wallet, think about locking in a fixed rate. Even at 6.42 percent, it’s a bargain compared to long-term averages of 8 percent or more.

How can I consolidate my debts?

Debt consolidation loans replace more than one existing loan, such as credit card debts, personal loan debts and other unsecured debts, with a single loan usually at a lower rate of interest that is more affordable. Credit card balance consolidation Instead of carry a range of debt across multiple cards, you can move all your debts onto a low or no interest credit card, making large savings for the lower interest rate offered. Remember, you need to be disciplined if you want to consolidate your debts onto one credit card, and make sure you pay most or all of your debt off before the low interest rate ends. Debt consolidation loans With a debt consolidation loan you will normally be able to make payments on a weekly, fortnightly or monthly basis. The length of the debt consolidation loan will determine the repayment schedule to meet your needs. Home Equity There are a range of popular methods for debt consolidation. If you have equity in your home, often the most cost-effective way is to redraw against your home loan to pay off business debts. Not only does this make repayments manageable, but can also reduce the interest you pay, as home loans have lower interest rates than most other forms of credit.

Debt Consolidation for Brisbane Small Businesses

Benefits of debt consolidation

• Replace multiple loan and credit card payments with a single monthly payment
• Reduce your overall monthly commitments
• Reduce rates on high interest credit cards, store cards, overdrafts or loan
• One affordable monthly payment
• Reduce your payments without affecting credit rating
• Fixed term – knowing exactly when your debts will be repaid

We can advise you on a range of options and will be able to recommend the right one for you, based on your circumstances. By discussing your monthly commitments and requirements we can find the right solution for consolidation of your debt providing debt relief. In Brisbane, we can work with you to achieve the best debt consolidation practises.