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Debt myths BSCs need to know

March 14, 2013

CHICAGO — Many building service contractors (BSCs) are unsure how debt can impact their businesses and personal lives, according to a press release.

tornadoBecause of this, the focus of the March 2013 Tornado Industries Business of the Business is on the five debt myths BSCs should be aware of, the release stated.

According to the release, the myths are as follows:

Small business debt myth #1: If I marry, my spouse becomes responsible for my business debts.
Fact: Typically neither spouse is responsible for any debts incurred by… [read more]

Small business debt myth #2: My spouse is responsible for my business' taxes.
Fact: Did your spouse sign your business' tax return?  If not, he or she is likely not responsible for… [read more]

Small business debt myth #3: It is a good idea to take advantage of interest-free credit cards and loans.
Fact: Always borrow when necessary, carefully, and conservatively. The "catch" with many of these interest-free cards and loans is… [read more]

Small business debt myth #4: To have a high credit score, pay all your debts on time.
Fact: This is partially true. Your credit score may be more impacted more if you miss payments than if you make all payments… [read more]

Small business debt myth #5: A late payment will damage my credit score.
Fact: While a late payment may result in interest charges and penalties, it may not impact your credit score if… [read more]

Click here to read the release in its entirety.