Debt elimination is also a very smart thing. When debt is out of the picture, your cash flow and profits increase and your risk is reduced. Plus, if you’re thinking about a profit sharing plan, it will give you more money to share with your team!

So, what you have here is two good ideas. Give both of them a shot! Find a balance between the profit sharing and debt payments, and see what happens. When your debt is paid off, you can increase the profit sharing because you’ll have more money to go around!

- Dave

Dear Dave,

My company makes me use my personal credit card for overseas travel. They take care of my expenses, but sometimes they don’t send the money until after the payment is due. Does this affect my credit score?

- Marshall

Dear Marshall,

Unless you pay on time instead of waiting for their money, you bet it affects your credit score! It’s your card! You signed for it, and it’s in your name. Every late payment affects your credit bureau score.

I don’t know who you work for, but this is a very dangerous and bad practice – both by you and your company. Your company is using your credit and abusing you in the process. One of these days they’re not going to pay you, and then you’ll have a mess on your hands!

Talk to them about furnishing you with a corporate card. Better yet, a corporate debit card! If your employer is going to send you overseas, or anywhere on the road, it shouldn’t cost you money or cause you problems.

-Dave