| If you have too many small debts pending, then you | | | | risky borrower or not. Approaching your friend or |
| better close few of them. Multiple smaller dues will do | | | | peer for assistance on creating a business plan would |
| more harm to your credit report than the few big | | | | be the right thing to do. |
| ones. It is easier to tackle small debts as you need to | | | | Get a clear picture of what your EMI (equated |
| pay small amounts to close them off. It helps in | | | | monthly installment) would be? How are you planning |
| achieving positive credit report besides offering you a | | | | to pay them back and do you have a property or |
| chance of negotiating a better deal. A negative credit | | | | other asset which you can bank on incase you are |
| report will affect your loan rates badly. | | | | running short of your income and are unable to pay |
| Reaching out to a professional advisor helps a great | | | | the EMIs. |
| deal in obtaining better loan rates. If you are planning | | | | You may be indebted due to your earlier high interest |
| for a commercial mortgage, you must seek help | | | | rate mortgages. What can you do to tackle them? |
| from those who are experienced in this business. You | | | | Simple, you can apply for a refinance mortgage at a |
| may ask your friend who has applied for a business | | | | better rate. Incase, you have accumulated better |
| mortgage. A friend will offer personalized advice on | | | | value on your equity since you last used it, you can |
| how to create a business plan to win over a | | | | use it again. |
| competitive deal. | | | | If you are considering refinancing your asset, you'll |
| A business plan has to be created if you are starting | | | | get a more competitive deal if you have a high |
| a new business. If you need funds to expand an | | | | amount of equity in your collateral (the difference |
| earlier firm, then you just have to furnish details of | | | | between the market value of your property and |
| your income and expenditure from the past two | | | | how much is left to pay on the mortgage).This way, |
| years to the lender. This will determine if you are a | | | | you are sure to get better rates. |