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Sw. Ill | Thanks for all the input. I am not going bankrupt, the balance on the cards is around 10k. I used them as a convenience. yes it is risky playing the CC game, I know that. been burned before. Just gives me some flexibility. The reason this is an issue to bank is just due to the size of the farm. The Farm having no livestock and no grain in the bin equals no current working capital. that's just how it is, so without the debt my capital would still be zero right?. I dont keep any supplies or grain laying around, I use and sell it! only reason its negative is because of the personal short term debt. My assets are all equipment and vehicles and more than enough to cover any short, intermediate, long term debts I have today.
Now that I know there is a disadvantage to using the cards in regards to liability and whatever red flags are raised I will steer away. Still dont think its right to judge a person based on a credit card. Just the other day someone on this forum talked about using one as an operating note, and if your a good bill payer I see no problem with taking advantage of a promotional offer.
The banks view it as current money owed, like an invoice. this is what I learned today. | |
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Balance sheet questions
