Debt problems of small business owners

Looks like I am not alone. According to Bob Lawless of Credit Slips, 1 in 7 bankruptcy filers are self-employed at the time of bankruptcy. Though I never contemplated bankruptcy, I fit the profile--high amounts of credit card and unsecured debt.

Lawless's point is that people in financial distress are easy targets for debt reduction scams. Be careful out there.

Sounds Familiar--Business Failure Leads to Personal Finance Problems

The story in this article from ABC news about people having trouble with subprime mortgages reminds me of me. Well, except the subprime part. This is exactly how I got into trouble when my business wasn't generating enough income, I'd rack up the credit card debt. It finally caught up with us.