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Tips For Managing Your Creditors

Sep 14, 2008
Those who find themselves in debt often times find themselves with many creditors. Dealing with creditors can be extremely stressful and can be time consuming. You could spend all your valuable time dealing with them when you could be working to better yourself.

By applying solid debt management guidelines to your finances, you can make the process of reducing debt easier. This is important because until your debt is paid off you will continually owe money with interest. Making money and timely payments are obvious ways to reduce debt.

The most effective tip for managing your creditors is also the hardest. You have absolutely certainly heard it before. So why do people keep harping on this? Because people don't do it. You can probably already guess what is coming next?

That's right, don't avoid your creditors. Call them before they have the chance to call and hassle you. It's a good tip, and almost certainly the best way to handle debt, but it's very hard to do in practice. Who wants to call up somebody why has been pestering you about money, much less to ask for an extension on a payment?

If you stay in contact with your creditors, they are more likely to work with you. If they see that you are serious about taking control of your accounts, they will do more to help you. For example, they may lower or eliminate some fees.

But what to do about the creditors you can't build a relationship with? Perhaps they aren't interested in negotiating with you. Maybe past conflicts mean it is too late to form a connection. In that case, you should know that there are limits to how creditors are allowed to treat you.

It may not seem that way, but debt collection agencies do actually have rules that they need to follow. There is a Fair Debt Collection practices Act that protects you from ruthless debt collectors. It covers personal, family and household debts, and that includes car loans and medical debts.

Debt collectors are not allowed to contact you are inconvenient times, at your place of employment or after you have asked them to stop. You have the right to write them a letter and ask them not to contact you anymore. This does not eliminate the debt, but it will stop them from harassing you.
About the Author
To find out exactly how you can get debt management help visit my debt solutions website.
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