10. Your Business Startup Expenses
Using your personal credit card to pay for business expenses can be a bad idea. It generally takes at least several years for a business to become profitable, and in the meantime, you might be paying extraordinarily high interest on debt that you cannot afford to pay back immediately. And if your business fails, you might be in deep credit card debt.
Sure, there are some upsides to using a credit card for business expenses. But if you do need to borrow a lot of money to kick off your business, you might be better off with a small business loan. Interest rates on credit cards are typically higher than rates on traditional loans, according to Entrepreneur.com. An even better idea: See if you can raise money through a crowdfunding website or through friends and family.
