Hey Lignum9291, thanks for sharing and starting this discussion. I am in a similar boat fighting off debt I had from before starting my business. I was about $30k in credit card debt when I started and am just barely down to like $26k now 2 years after starting my business. I'd like to explore some thoughts / questions I think of myself in handling my debt.
But before that, here's a potential answer to your question so you don't have to waist time reading the unsolicited advice I've posted below.
I think looking for grants or guidance through your local SBA, connections through a local Chamber of Commers or Minority Business Development Agency may be a good place to get more info and direction for low to no cost kind of funding.
Now onto some thought experiments. These are just things that I think of while in a personal situation that seems similar to what you have described here so far. Please take these with a massive grain of salt and know my goal is to just share and not tell you what to do.
I would love to come up on an extra $15k + to knock out some or all of that debt. Out side of grants, I'd be looking at refinancing my debt to still be in debt but just a little cheaper interest. Helpful, but not a fix.
If you had the $15k, what would stop you from getting into more debt or over spending in other areas?
Does your road map plan for budgeting / spending though out the journey with and without the additional funding?
Does it seem to be working or is it working? I have to constantly check myself and pump the brakes especially when I feel like something seems to be working but hasn't proven to me it's working. I have jumped the gun a few times in the past two and a half years and land up spending $1,000s slowing down my financial progress. Being really certain that the plan is working before taking on more risk is probably a good rule of thumb.
Getting additional funding now just feels like a potentially risky situation. At least it seems like taking on more risk in an already risky and tough situation. I have cut all spending on debt for the last 12 months, reduced my spend personally and in the business several times and focused on low to no cost ways to generate leads and sales. This is a painful and slow process for me and my situation. However, I know that I am at least not taking on extra risk and I'm sharpening some valuable skills for the future. I spend most of my time trying to create content for free on my phone to share, local tabling events to generate leads, getting more 5-Star Google reviews, adjusting my SEO on my website and emailing my existing client list to get people to reengage.
If the plan is working, than you should have a clear path to getting out of debt. It may take 2-5 years but you can see it and keep working towards it without taking on more risk.
Let me know if you have any thoughts or reflections. Have a wonderful day!
