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Creditors..the Good, Bad, and the Ugly |
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Depending on where you are in your personal finances, creditors can be your friend or your worst nightmare. Most people seem to be on the side of the fence that views them as nightmares. Avoiding their phone calls, not opening their mail, just wishing they would go away. Unfortunately they won’t. Creditors had some faith in you, gave you a loan for something you wanted or needed, and they expected you to pay them back. Of course there are times when something happens beyond your control, and you just cannot make the payments you agreed to. Believe it or not, the best thing you can do in this situation is to talk to your creditors. They are human beings after all, and they do understand thing happen. You can try to make arrangements for smaller payments, ask them to stop adding interest, offer them a one-time settlement on a lesser amount; if you at least talk to them when they call you may find out they have ways to help you. It is much better than dodging phone calls for years on end and destroying your credit rating. Some day you may be in a situation where you could buy a house, but your past credit won’t allow it. So the bottom line is that when you pay your bills on time you don't hear from the creditors unless it's to offer you more credit. On the other hand when you don't pay your bills you have to deal with the creditors calling you for payment it's their right.
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