Manage credit card debt with confidence

Seasonal factors can make this an expensive period for many small businesses and it is not uncommon for short-term credit to be utilised to help manage cash flow. If you’ve found yourself with a hefty credit card bill after the Christmas and new year period, now is an excellent time to review your finances and plan for the months ahead.

Start by reviewing statements

Taking a close look at your credit card statements ensures all transactions are accurate and helps you assess your financial position. Regularly monitoring your statements not only reduces the risk of overlooking errors or discrepancies but also gives you insights into seasonal spending patterns, particularly if you don’t have other financial controls in place. These insights could help you identify opportunities to streamline expenses and improve cash flow.

Develop a plan to tackle debt

Addressing credit card debt proactively can help ease financial pressures in the long term. Simple steps, such as talking to your financial institution to set up a repayment plan or seeking advice from a financial professional, can make a big difference. Cutting back on non-essential expenses or negotiating more favourable terms with suppliers are additional strategies to consider.

Access resources and support from the Commission

The NSW Small Business Commission offers a variety of resources to help small business owners stay on top of financial challenges and can help direct you to other available assistance. We also provide services to assist small businesses facing more complex issues such as a payment or other contractual dispute. Our team is here to help you find solutions tailored to your business needs.

If you are struggling with debt, the Commission has put together a list of helpful resources to stay on top of things.