Almost half of our life has been passed fearing debt and running after debt settlement companies for their debt relief services and on top of that is the added anxieties caused by the nagging and threatening creditors and harassments due by debt collectors. Using credit has become an integral part of every American household, either in the form of mortgage, car loan or credit cards. The fact that credit cards help us getting and owning things and possessions we need gets negatively reversed in sudden changes of circumstances like job-loss, demise, divorce, natural disaster, wherein the previously affordable payments take a shape of significant financial problems. In such cases when a debtor finds it hard to even make ends meet, calling up the creditors is probably the last thing he/she would want to do. However, most of the efficient consumer finance companies of America would still advise debtors to call up and keep in touch with the creditors, without hiding any fact. According to Mark Shepherd, an executive vice president and chief operating officer of a renowned consumer finance company, Most people aren't aware that creditors have a number of options to relieve their customers' financial stress". He says that "The fact is, the sooner you tell your creditor you're having a problem, the easier it is for them to help you." He further says that it may sound to be unlikely but the creditors do make exceptional financial considerations for customers who are facing real hardships.
In haste, fury and panic we forget the very fact that the company and creditors who have provided us credit are human beings as well and being so make them emotionally capable of understanding our genuine financial setbacks and problems; though it is true that most businesses in this field are kept away from emotions. Another positive factor behind letting your creditor know about your unaffordable situation is that your creditors would at least respect your honesty and straightforward nature and revealing the truth to them would make them feel and believe that you are willing to solve the economic problems and thus are willing to repay the debts to them without any thoughts of bankruptcy. Keeping your creditors in darkness about your financial instability would not only let the actual problem stay intact but would also worsen the situation further in case the debtor starts avoiding his/her creditors and their correspondences. One is not suggested to make tempting offers and promises to his/her creditors that would not be possible to keep but one should make it clear to the creditors that he/she intends to repay the debt only after a workable settlement or negotiation. If you absolutely have to renegotiate, contact your creditor before you miss a payment so at least they understand the reason why the payment will be late. Remember, your creditors would much rather keep you as a customer than lose you to bankruptcy or foreclosure. Contacting your creditors can also help you protect your credit rating, which is the all-important factor in your ability to secure future loans.