Consumer Payment Card News

Business Vote

Business owners are so uptight about the economy that they are willing to cross party lines this year to vote for the U.S. presidential candidate that they feel will do the most to help their business. A new survey reveals that many business owners are now using credit cards, dipping into their retirement funds and personal savings to stay afloat. The research by management consulting firm George S. May International found that six out of ten small business owners would cross party lines this year. About 56% of those participating in the survey say the current credit crunch has adversely impacted their business. Of those respondents that said they were being impacted by the credit crunch, 13% said they have had to dip into their retirement savings, 11% said they have had to use personal savings, 11% said they have had to use credit cards to help keep their business going, and 38% said they are waiting this economic turmoil out and in the meantime going into debt. Meanwhile, 27% said they were exploring other ways to handle the financial problems facing their business. Of the impacted group, 23% cited late-paying customers and vendors; 14% said their lines of credit were being pulled; 9% said they were having difficulty making payroll; 23% said all of the above; and 31% cited other ways, which were not specified.

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