Businesses can employ various strategies to settle their debts effectively:
Debt consolidation: Combining multiple debts into a single payment with a lower interest rate. Negotiation: Directly communicating with creditors to negotiate better terms or reduced amounts. Payment plans: Setting up structured payment schedules to gradually pay off debts. Asset liquidation: Selling off non-essential assets to raise funds for debt repayment. Refinancing: Replacing an existing debt with a new one, typically with more favorable terms.