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Don't take on debt secured by you personally. Your business should take on the debt. I know it's easier said than done, because no one will loan anything to a business with no revenue.

By agreeing to personal debt, you pledged personal money that you didn't have. I guess different people have varying levels of risk, but I don't invest money I don't have.

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There is another important lesson: you can't get business loans or credit cards (the big culprit here) without personally signing for it. BUT: there is probably some point in time that changes, and you should be on top of things and cancel the original. Too late now.

Another lesson: you may think it is a business card (it is), but surprise! They can convert to personal (read the fine print).

Use debit cards. It will only allow you to spend money you have.

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