Many of us have had issues when it comes to debt settlement. We get careless, make financial mistakes, get into an emergency where you are forced to spend money that was set aside for payments, and other stuff. Things happen, some of it controllable and some are not.
Finding yourself in deep debt is a scary thing. Letters, e-mails, and threatening phone calls are just few of the things that you have to go through when you’re in debt. They can be very stressful and will eventually affect your health if you continue to avoid settling them.
Many are fearful of debt settlement. I mean the processes of settling the obligation. Some think that they will be continuously hounded by creditors and will be stripped off their assets and other ugly stuff.
Here are 3 tips that will make debt settlement a positive experience for you.
Talk to your creditors – If you are in a bad situation and unable to pay off debts on time, say it straight to your creditors and explain your situation. Most often than not, creditors will work out something that will help you out.
Negotiate – Oftentimes, you can talk your way into lowering your interest rate, especially if you’ve been a good customer. Again, explain your situation and you will most likely get an approval. Negotiating your debt is better than running away from it so creditors appreciate that.
Stay true to your word – Once you got the OK. Debt restructuring, lower interest rates, and everything. Make sure to keep your word and pay religiously. Your reputation, from the creditor’s point of view, will remain intact as long as you keep your word.