Afraid to get one.

@edsss17 (4398)
Philippines
September 3, 2011 9:30pm CST
Me and my mom are planning to start a little business. A store, but our capital is not enough so I thought of applying for a credit card for us to be able to get stocks for our plan store but I am afraid maybe because of how fast the days run and maybe I couldn't get enough money to pay it when its already due.. I don't know! Any advices are welcome!
4 people like this
16 responses
@mtrguanlao (5527)
• Philippines
4 Sep 11
Hello bunso! It's really hard to start a business without a capital on hand. That's one reason why I haven't started a business yet. I'm afraid to loan money 'cause I'm still not sure if the business I'm going to start will be a success or not. I know we have to be optimistic about it,but we still have to be ready if it fails and failing is what I am thinking of at first before loaning money. Credit cards are fine bunso but I suggest you just use it for emergency purposes only. Though I believe credit cards have low interest rate compared to money lending. The best way to do is to earn the money first bunso and if it's a bit money that you just need to start it,you can use your credit card for it,for the groceries. But don't use it for the whole capital of your business. Goodluck bunso!
@edsss17 (4398)
• Philippines
4 Sep 11
Hi nay! :) Of course, won't use the credit card (if ever) for the whole capital... Yay, its too much! :) Yea, so maybe I won't just apply as of now.. Need to make the money grow as of now... Thanks for your advice now!
1 person likes this
• Philippines
4 Sep 11
No problem bunso,always here to help you as long as I can!
@CTHanum (8254)
• Malaysia
7 Jan 12
Not a good solutions while there is other way to solve it. I will not go for credit card if I am planning the same thing. Here we got so any loans for those who want start a business. It is not a loan shark but the legal one. The government provides some loan for people to start their business for small or big scale of business. They even provides seminars on teaching people how to start and handle their business. You should fine one if your country provides that facility to the people.(^^) No credit cards as you will get into problems when you can't settle it plus the interest and whatsoever things.
@edsss17 (4398)
• Philippines
7 Jan 12
I see. Yes, I've realized now that going to credit card will be the worst decision. Don't you worry, i have figured it out already.
@kingparker (9698)
• United States
6 Dec 11
Hmm, it is such a difficult question to ask. If you can't get enough capital for a business, why not start it at home, at least you don't have to pay the overhead cost, and at least you can control the rent. About the stocking of products or items on sale, that is how to tell how much you can apply, and how much you can borrow from the banks etc...... So, depends on your own situation, you should know better than anybody.
@edsss17 (4398)
• Philippines
6 Dec 11
Hi kingparker! :) Have decided already and we now have a small business in our house! It was my salary that we started as a capital. It is not much, but at least we're trying to make it work! :)
@mariahhh (1328)
• United Arab Emirates
14 Nov 11
Using credit card to start a business is not a good idea. It is better to apply for a loan than the credit card. You will not feel pressured if you get the money from loan. In credit cards, there are many hidden charges and the interest is also too much. In some loans, depending on which bank you will use, they have good offers that will allow you to pay small amounts a couple weeks after the loan of money was made.
@edsss17 (4398)
• Philippines
14 Nov 11
Hmm. That makes me think! Thanks for the idea mariahhh... Will tell my mom about this.
• Philippines
5 Sep 11
Just be optimistic my dear, believe and pray that whatever you and your mom planned will be blessed by the almighty one. Keep knocking and you'll be opened, keep asking and you'll be answered, keep praying and blessing will be showered. That's the best thing that you can hold on to as of now.
@edsss17 (4398)
• Philippines
5 Sep 11
Thank you very much for the amazing message. I feel blessed.. Thank you.
• United States
5 Sep 11
I would not rely on a credit card. Credit cards are good to have, but I would never use one if I have no money. I have always found that using money I don't have ends up putting me behind the 8 ball, so to speak. I would save money back before starting the business.. but starting it on borrowed money may not be the best thing to do. It may be some time before you realize a profit, and paying back a credit card will get to be a burden before long if the business is slow.
@edsss17 (4398)
• Philippines
5 Sep 11
well, credit card is really not a good option for the business! Guess, I need to save some part of my salary for the business plan.
@tiffnkeat (1679)
• Singapore
4 Sep 11
credit card interests are too high for you to even think about it. If you are confident of your business, why not approach some relatives and offer them some stake (e.g. shares) and offer to buy back those shares say 2 years from now at a premium. Within that period, they should not try to ask back the money OR they will forgo that premium. If they should really want their money back, try considering offering their shares to others who may be interested to take over the stake. But everyone works hard for their money, so if they are willing to invest in you, do not let them down.
@edsss17 (4398)
• Philippines
5 Sep 11
Will take your advice! Thank you very much.
@rajaiv0810 (1013)
• Philippines
4 Sep 11
It seems like most of the people agreed to the fact that credit card is not the best solution here. I also second the motion. I think it would be best to borrow additional capital to some friends or relatives like your aunts or your uncles maybe. In that case, you do not have to pay interest if you cannot pay in due time. Or maybe you can start even with that little capital that you have and since you are also working you can add a little more after you get your salary. With that you do not have to loan and if things will not work out you do not owe anybody some money. Sometimes it is quite painful to pay loans for business which turned out to be not profitable. Godbless on your business. take care.
@edsss17 (4398)
• Philippines
4 Sep 11
Yes, many have said credit card is not a good option.
@waflay (2729)
• Nairobi, Kenya
4 Sep 11
Hi, credit cards can be good because they provide ready capital for business but I won't recommend them for starters. According to your words 'not enough' means you have some but still lacking. Its better you start your store with little you have and expand as time goes, recycling your profit and adding more cash into your stock and having everything under control with no worries of 'what ifs' will make your prosper.
@edsss17 (4398)
• Philippines
4 Sep 11
Why I haven't think of that earlier. waflay, you're a genius!!! Thank you so much for your response.
@deal4u (2)
• Canada
4 Sep 11
Starting a business is not the easiest thing to do in this day in age, but one thing that you need to know before you decide what route you take, is whether or not you can be passionate about the industry that you are about to enter... if you are just starting a business to start a business, it better be something that you CAN get excited about, because there will be times that it will suck and it will be the passion that pulls you through the day!!!!!
@edsss17 (4398)
• Philippines
4 Sep 11
Thank you so much for the very meaningful response! :)
@kewlme (163)
• Philippines
4 Sep 11
I think that it is not good to use credit card as a capital for a business as you can't be sure if you can really collect the money prior to due date. I also thought of having credit card for business before but I did not go for it since it was not feasible. I ended up saving part of my salary to start one. Goodluck to you and hoping a successful business for you in the future. :-)
@edsss17 (4398)
• Philippines
4 Sep 11
Well, I guess I'll start saving some part of my allowance and salary too. Thanks for the tip.
• Philippines
4 Sep 11
I am so happy that you are learning to build a business at your age. I suggest that if you will start your business, you should have enough capital rather than borrowing money. It will be hard to start a business if you'll just borrow your capital.
@edsss17 (4398)
• Philippines
4 Sep 11
Thank you for your tip Ate! :) Guess will just work extra hard then save money for my business plan! :)
@sjvg1976 (13962)
• Delhi, India
4 Sep 11
Hello Edsss, I feel to take loans on credit card is not good as you have to pay much higher interest rate instead you could take loan to start of SSI (small scale industry) which you may get on some low interest.I don't know what is the system in your country but in our country we can have it.
@edsss17 (4398)
• Philippines
4 Sep 11
I'll take a research for that my friend! :) Thank you for the hint.
• Philippines
4 Sep 11
Are you not confident on the business that you and your mother will start? I mean, are you not confident that you will gain profit on your business? Every business has a risk. You can lose or gain. It's fine to get a credit card or a loan in the bank. Just have faith in the business that you want to start. You can also try other legitimate sites that pays a lot. My friend earns a lot on a certain website to pay her credit card.
@edsss17 (4398)
• Philippines
4 Sep 11
Oh well.. I am also working online as a virtual assistant so if the business isn't successful, I can still pay... I'm just asking for further advice from others. Thanks for dropping by!
• United States
4 Sep 11
Credit cards are tough because of the amount of interest that they usually assess!! What kind of store is it? Would someone be willing to loan you money? Maybe you could get a personal loan rather than using credit cards? Could you sell your items online so that you dont have as many start up costs Just remember, that even if the store fails, you will still have to pay that money back so be careful how much debt you rack up!! Good luck!! I hope it all works out for you!
@edsss17 (4398)
• Philippines
4 Sep 11
Maybe that are the reasons why I am afraid to get one. Maybe we can do this business plan next time when we have enough capital..
• Philippines
4 Sep 11
That would be better. Save first so you can avoid more complications later.