Small Business Credit Card Financing Detroit MI

The history of startup businesses includes many business legends that got started by leveraging credit cards as a creative business financing tool. Sergey Brin and Larry Page used plastic to start Google in the mid-Nineties. They ran their credit cards to the max, and mindful of their limits they chose to buy used computers and employ open-source software – meaning that their capital restrictions actually contributed to today’s global dominance by Google of the search engine business!

On the other hand, there’s Monroe Mann. In 1999, he started a company in New York City to teach business skills to artists and other freelancers, calling it the Unstoppable Artists Business School . But he relied almost solely on credit card debt to finance some big up-front expenses such as advertising in a local theater newspaper, running his tab up to $65,000. And in 2003, just before deploying to Iraq as part of his National Guard unit, Mann had to file for bankruptcy. He’s renewed his business since his return from the war, but Monroe doesn’t finance anything with credit cards anymore!

Credit card debt is a slippery slope,” says Jay Trien, a certified public accountant in Morristown , N.J. “It’s easy, but it’s also dangerous. It doesn’t mean you shouldn’t use credit cards for bootstrapping your business. It just means you need to keep on top of it.”

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