Consumer debt – working with creditors

Your behind on your payments. You’re getting threatening letters and phone calls demanding payment. You want to meet your obligations, but the car needs to be fixed and the mortgage needs to be paid. Help!

It’s time to work with the creditors. You don’t want to be their friend, but you do want to take control of the situation. Debt payments can be overwhelming and consumer debt is the worst when it comes to harassment, so here’s what you do.

Send them a copy of your budget and tell them exactly how much they are going to get this month. Do this at the begining of every month. Forget the minimum payments or whatever they tell you they want. You are going to pay them, BUT ON YOUR TERMS.

Be smart, polite and patient. Don’t be rude or disrespectful. Plan and communicate with them regularly and most will cooperate with your debt payment plan. If they argue or harass you, hang up the phone.

Be diligent with the money you do have. Cancel the cell phones, turn off the cable TV, do what needs to be done and you can eventually come out ahead.

I know it’s tough, but you need to be tougher. Getting out of debt will require you to take control so pay what you can and make your family and your mortgage (rent) the top priority.

You can do it!