Credit Policy for businesses and how to extend credit and manage credit risk

CNNMoney.com has a column where business owners can send in questions and get an expert answer.  I recently answered a question for them in their FORTUNE Small Business section on the CNNMoney website where a business owner who is set up as an S-Corp has over $100,000 in credit-card debt and wanted help on how he could pay off these cards during a hard economic time without having an adverse effect on his credit score.

There are some immediate things business owners can do.

1. The first thing being to STOP using credit cards. 
2. The next most important thing you can do is communicate with your credit card companies and let them know the situation.
3. Set up a payment plan.
4. If this fails, look into credit counseling.