I'm in extreme debt and getting in deeper, but I don't care about it because I am in a start-up. The only way I have to finance my new company is via credit cards, so I'm taking a big but calculated risk.
I'm developing an online tool to help small business get in the local news media, and I think it's going fill a pretty big need. The $200,000 I've spent over the last three months has been on development costs, software and hiring designers.
It's a huge risk, and I'm having trouble with ups and downs, but I believe in this so strongly that I hired a part-time contractor to handle my main business while I bootstrap this new business.
I'm hoping to do a soft launch of my product in the middle of August for the Texas market, and then once I evaluate the tool and the need for more development, I'll probably need more money -- to the tune of $7,000 to $10,000 -- to take it to the next level.
Last fall, CNNMoney profiled people who found creative ways to tackle their debt -- from selling belongings to going on spending fasts. Here's how they're doing now.
