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According to JD Power surveys, 49% of small businesses are financially unhealthy. That fact, coupled with their discovery that 89% of small businesses use credit cards for business purchases, can lead to danger.
Especially, when we learn that the average interest rate on credit cards rose to 21% in February from 14% in 2022.
Borrowing money is always a presumption on your future ability to repay your debt, and a risky business practice.
Proverbs 22:26-27 teaches, “Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.”
Before using your credit card for that next business purchase, prayerfully consider if God has a different plan than using credit card debt.
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