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Will focus on credit cards and personal loans instead. Existing personal lines of credit will be closed down, and nothing further will be offered in future.
One main take away point from this is those with existing lines of credit may take a hit on their credit ratings/scores from this action.
You used a personal credit line for business purposes? How does that work?
Happens all the time, most banks will make you sign personally as well as corporately for a small business loan. The key is to keep good records and not intermingle personal funds with business funds.
Happens all the time, most banks will make you sign personally as well as corporately for a small business loan. The key is to keep good records and not intermingle personal funds with business funds.
Even with good record keeping can see how IRS might deny deductions for loans make via personal account, whereas business credit is fully deductible.
Hope that's all it is. Prior to the 2008 crash, HELOC's being closed were one of the first signs that trouble was coming.
The financial crisis started in 07 and heloc closing weren’t a leading indicator
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