Small Business Owners Carrying a Lot of Personal Debt

That’s the finding from Business.org. In fact, 89% have personal debt related to their business: 23% up to $5,000, 34% between $5,000 and $15,000, 28% with $15,000 to $30,000, and 4% with more than $100,000 in personal debt related to their business. What’s more, 38% report their personal credit score has declined because of this. Why so much personal debt? They are often unable to secure business financing. Consider building up business credit to improve the ability to obtain business financing in the future. #IdeaoftheDay