Should You Start a Business If You Have Debt?

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If you want to start a business, but have debt, you are probably wondering whether it’s a good idea. The short answer is that it can be — if you’re smart about it. Take a look at the questions below to help you assess your unique situation.

What is your debt situation?

Before you even begin thinking about your business, you need to be honest with yourself about your debt situation.

What type of debt do you have?

Not all debt is the same. Some types are considered “good” debt (i.e., debt that provides long-term value or an increase in earning potential). Examples of “good” debt include student loans, mortgages, home equity loans and auto loans. This type of debt provides some sort of value to you while also having lower interest rates.
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