There are very few, if any, “upsides” to being in debt. One of the worst downsides that many have experienced is those constant calls that can come in from your creditors.
It makes it feel like there’s someone constantly on your doorstep asking for money that you don’t have, and it can add to the real stress of the situation. But there are ways you can deal with it.
Here are a few of them.
#1Explain Yourself Early
Not all creditors are monsters. If you’re in debt and you’re having trouble paying, it might be worth explaining that. Many will be able to offer some reduction or more manageable payment arrangements that make it surmountable.
The longer you wait to get in touch, the more likely they are to start resorting to more worrying measures like using a collections agency.
If you’re already deep in trouble, remember the old saying: the best time to plant a tree is twenty years ago, the second-best time is today. Get in touch with them.
#2 Let Someone Step In
If you’re uncomfortable with negotiating your own debt strategy or you simply don’t know where to start, then it might be a good idea to get debt counseling today.
There are financial experts who are able to offer a lot of actionable methods of cutting down your debt that you haven’t considered. What’s more, they are able to step in and negotiate with your creditors for you.
Often, this results in even more reduction and more manageable payment schemes that you are able to wrangle yourself. Don’t be afraid to rely on experts.
#3 Deal With Just One
If you’re dealing with multiple debts from multiple creditors, then it can be the sheer volume of calls that is making your life unmanageable.
Instead of having to deal with a whole slew of creditors, you can make your life easier by dealing with just one. That’s what debt consolidation is all about, moving your debt, and often doing things like decreasing the interest.
A debt consolidation service can help you avoid debt creep and give you one manageable monthly payment. That can a lot more pleasant to deal with than five or ten payments to different organizations.
#4 Know What’s Legal
There are laws on how creditors can call you. Get to know them. They include how often they can call you. For instance, they can’t call you every day.
They also include when they can call you, limiting their times so they can’t call in the dead of night. They also include where they can call you, so you shouldn’t be getting any calls at your workplace.
There are also laws on what information they have to provide, what threats they can make, and what kind of language they can use. If they don’t follow those laws, you could sue them successfully. Just make sure you get legal advice and know how to make a record of those calls if they happen.
Whatever you do, don’t turn a blind eye to your creditors. It will only make things worse in the long run. Do what you can to manage your debt and be as proactive as possible.