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Old 08-29-2009, 05:47 PM
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Gixxerboy63 Gixxerboy63 is offline
Join Date: Nov 2008
Location: Winston-Salem, NC
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Startup on credit cards

Originally Posted by Wagner View Post financed a startup on CC????? Not exactly an outstanding business model. I had to walk away from Citibank because they tried a similar tact with my personal card. I had been with them since I was 18.
Yes I did. While I was unemployed, I conceived the idea of the startup and formulated a business plan... Unfortunately, the SBA and the banks would not loan a dime without an income statement, however, credit card companies were handing money out left and right at 0%! I was able to scrape together $50k to buy a new van, tools, computers and supplies, then I went to work!

I think it has paid off...

Yes, I suppose I could have leveraged my home, but with unsecured monies being offered at 0%?, Who wants to take that chance?

It is very inconvenient that I am having to pay the accounts off immediately (because of the ridiculas rate hikes) instead of having the option of paying the debt back over time at a reasonable interest rate in the original agreement. Fortunately, I am in the position to pay them off.....but what if I wasn't?!?

I am simply stating that the unfair bait and switch tactics of BANK OF AMERICA is entirely wrong! Someone needs to slap them with a CLASS ACTION SUIT on behalf of all the folks they have intentionally screwed... I have even heard of rates as high as 39%!!!! How could someone ever pay that back over time... they would owe them forever!
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