Title: 5 Ways to Quickly Pay Off Business Debt | Fora Financial Blog
Headings: 5 Ways to Quickly Pay Off Business Debt
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5 Ways to Quickly Pay Off Business Debt
August 24, 2020
How Can You Pay Off Your Business Debt?
1. Create a Strict Monthly Budget
2. Decrease Your Business’s Spending
3. Consider Debt Consolidation
4. Negotiate with Your Lenders
5. Increase Revenue
Conclusion: Make Paying Off Debt a Priority!
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Content: Negotiate with Your Lenders
If the structure of your business’ debt isn’t working for you, contact your lenders to discuss your loan terms. Typically, lenders will be willing to renegotiate the payment period, monthly interest rate, and the total amount of debt that’s owed. Lenders are unlikely to dismiss your debt. However, if you’re flexible, you may be able to negotiate a mutually beneficial exchange. For example, if you make payments on-time, your lenders may be willing to decrease your interest rates. Most likely, the lender will want to work with you again in the future if you’re a good borrower. Therefore, you shouldn’t be afraid to discuss your repayment options with them. 5. Increase Revenue
Another way to reduce your debt is to grow your business and increase sales. Offer new products or services, extend your business hours, or try some new marketing tactics.