Credit may be more readily available for business owners.

Many people trying to improve their financial strategies may be seeking various ways to make the situation better. One of these could be through gaining more credit, and this may be more easily attainable for some young business owners this year.

Credit availability may rise notably this year for those who own businesses, or plan to start one, according to a report from KPMG. Nearly three-quarters of those polled noted that they will try and increase the level of capital this year, while close to the remaining amount want to refinance their current loans. In total, approximately 60 percent think they can get credit later this year much more easily.

“Supply and demand imbalance has set off a wave of opportunistic deals – primarily refinancing, re-pricing, and dividend recap deals,” said Ray Kane, co-head for capital advisory at KPMG Corporate Finance. “Issuers and private equity sponsors, especially, continue to take advantage of strong liquidity in the market.”

This may not only help new businesses, but it could also have a positive effect on those trying to get a job – or rise to an improved position from what they have now – as other companies may be more ready to expand hiring.

Some consumers spending too much money
While there may be some people looking to improve credit levels due to a business venture, some may be misusing credit, especially when in a personal finance situation.

Spending too much is an issue for many consumers, with approximately 15 percent of those polled explaining they have gone into debt by overspending. Close to one-fifth explained that these debt situations have gotten worse than $5,000, while more than 40 percent noted their debt was worse than $1,000. A total of 11 percent of consumers explained they are shopping too much.

“Shopping is a fun activity for many, but like anything, it should be done in moderation,” said Jackie Warrick, senior savings adviser at CouponCabin.com. “We’re bombarded with ads, daily deal emails and coupons every single day, so taking a step back and reflecting on your budget can be difficult.”

Despite this, there are some consumers who are the opposite. The report noted that close to half of those polled explained they are chronic savers, or go out of their way to find options to spend less money on items they need.

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