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A new study has found that 59% of small business owners are currently using credit cards to finance their business, up from 49% in December. At the same time 75% report that their credit-card terms have worsened over the past six months, compared to 69% in December. The research by the National Small Business Association also reveals that 86% of small business owners use their consumer or business credit cards primarily or exclusively for business purposes. When asked what percentage of their overall debt/financing is comprised of credit card debt, 34% said it was 25% or more. About 20% said the interest rate they were paying for the primary credit card was more than 20%. When it comes to credit lines, 31% said the combined credit lines on all their cards was between $20,000 and $49,000, while 23% said it was $100,000 or more. About 63% report that their interest rate has been increased in the last year and 41% report their credit line has been reduced. The survey was conducted between April 27th and May 5th. For more information visit www.nsba.biz or “http://www.nsba.biz/docs/09CCSurvey.pdf”:http://www.nsba.biz/docs/09CCSurvey.pdf

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