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Liquidate credit card


Ganou8900
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Using a credit card for a cash advance sto leverage some buisness plan, will spell disaster 99.9999999999999999999999999999999% of the time. I should probably say 100%, but there is always that one oddball who starts smoking at age 10, and lives to be 95.

 

If you can't qualify for a SBA or other busisness loan, you have bigger issues to worry about, and using a cash advance on a credit card, or some other flim flam tied to said card will make whatever is going on, worse.

 

Maybe a member here with a first hand experience in making such mistakes will comment further.

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Totally agree with @TheVig.  I used credit cards to smooth my irregular business income from year to year.  That worked for several years, which made me overconfident, but it led to a BK the next time a recession hit.

 

When everything went south, I ended up having to get a regular job.  It would have been much better if I had gotten a job earlier, instead of going into debt, rather than waiting until after it all fell apart.

 

I am also concerned about the kind of thinking revealed by the language, "liquidating" a credit card.  That shows the credit card is viewed as an asset, which it most certainly is not, as I learned the hard way.  Any time you are paying interest, the credit card is not only an extreme liability, but an emergency.

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