Small business owners certainly don't need any more bad news during the ongoing economic recession. However, the fact is that trends related to business credit cards will have a deep impact on small business owners. Some business owners are seeing their interest rates skyrocket to as much as 30% on existing credit cards accounts. They are also feeling the pressure from hefty fees for over-the-limit charges and late fees. Others are seeing their lines of credit closed down completely and they must seek out alternative financing options.

The "bright" side of the ongoing economic crisis is that it is forcing business owners to develop a more responsible and directed approach to financial management. Business owners across all industries are learning how to cope without credit cards. Besides having cash in hand, there are several unique alternatives to using existing high-interest credit card accounts for small business owners:

A New Credit Card.

If the interest rates just keep rising and you aren't satisfied with your current credit card company, consider looking for a new one. Credit card companies are still issuing new lines of business credit to responsible small business owners. A solid credit history will be vital in order to secure a better rate, and standard rates range between 12-14%.

Non-Card Credit Options.

It is possible to get a line of business credit without securing a credit card. Most financial institutions extend business lines of credit to qualifying customers. The business line of credit from a bank or credit union will typically be accompanied by fixed interest rates that are considerably lower than credit cards. Some business lines of credit are as low as 4.25%!

Small Business Association-Backed Loans.

The Small Business Association (SBA) is doing its part to make sure that entrepreneurs have access to funds to make ends meet despite the recession. Qualifying small business owners can apply for an express loan from the SBA that will feature a much lower interest rate than any credit card.

The economic crisis is cause for reevaluating your approach to financial management. Small business owners will find that these alternative solutions to credit card are more affordable and better long-term investments overall.