How do I deal with my creditors?

If your phone is ringing nonstop and you are tired of having to silence it, it might be time for you to stop hiding, answer it and deal with your creditors. Though you might not believe you can do so without making things worse, there is a wrong and right way to deal with them to keep things from getting worse.

Arm yourself with knowledge about your rights. Do some research to learn what they are and consult with an attorney if you need further clarification. The Fair Debt Collections Practices Act details what creditors can and cannot lawfully do, states Nerdwallet. 

Challenge all debts 

Some old debts have a way of resurfacing long after the statute of limitations has passed and been paid off. It is crucial for you to request for your creditors to validate your debts before you attempt to make any payments or arrangements. 

Consider your options 

Tally up your debts and come up with a plan to pay them down over the next few months to years. If you do not feel confident in your ability to repay without putting yourself in further financial hardship, start looking for resources, such as debt consolidation, a personal loan from your bank or credit union and credit counseling. 

Ignoring your debts is not going to make them go away. Keeping your creditors in the loop about your circumstances and learning what options they have that could help is a start. If you encounter challenges, do not give up. You might find it beneficial to explore legal options.

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