Most of us never consider the possibility that we may not be able to make our payments. Meeting our financial obligations is right up there with making sure the kids have their lunch money and setting the alarm clock through the week: it’s just part of being a responsible adult.
But what happens when the money’s short and the bills are due? For the first time, there are Americans who are feeling the heat and more and more who find it difficult to maintain their on time payments. Before you start avoiding the phone, take a proactive approach and contact your creditors. Here are a few ideas to get you motivated.
Keep it Simple
Really, there’s just no reason to go into the sordid story of how your dog’s trip to the vet set you back hundreds of dollars and then explain how the week the flu traveled to your house resulted in another financial setback. You don’t want to appear nonchalant, either, but when you call your card company, be prepared to explain there have been a few setbacks that you simply weren’t prepared for. The customer service rep you’re speaking to will appreciate your straightforward approach.
Keep it Honest
While you want to keep it streamlined, you also want to be honest, too. No need to elaborate or embellish the truth. Remember behind every credit card company is a group of humans who have likely had their share of tough months, too. Not only that, but you’re more likely to get a more willing representative if he believes you. Save the wild stories about being abducted by a UFO for your family get-togethers.
Be Prepared
Before you make that call, you should sit down and take a realistic look at your finances. You already know you have a problem, but you should also be prepared to offer a solution, too, when possible. By knowing ahead of time exactly what went wrong, you might discover your credit card company has other considerations. For instance, if your mortgage and your Visa bill are due at the same time each month, your card carrier might suggest moving your due date to the end of the month versus the middle of the month. These small changes can make a big difference in how your finances work out each month – not to mention the better sleep you’re getting now that you’ve found a permanent solution.
Stay Focused
Becoming emotional or downright mean will serve one purpose: a wasted phone call. Remember, your goal is to find a solution – and believe it or not, your card company wants the same thing. If you’ve already had a bad day, give yourself a few minutes to gain your composure before you make that call. The person on the other end isn’t responsible for the absent minded boss you’re forced to endure each day. A bit of common courtesy will take you all the way so that you get the results you need.
You’re Not a Bad Person
Know why customers delay calling their creditors to discuss alternative payment plans? They’ve already put themselves through an emotional roller coaster and by the time they finally reach out for help, they’ve annihilated their own self-confidence. Finding yourself against the wall doesn’t make you a bad person; it doesn’t even make you an irresponsible person. The unexpected occurs. It’s life and there’s not a single person who can’t relate to that – even the representative from the credit card company.
Keep Your Promises
So you got a payment plan worked out that will have you putting the whole sordid mess behind you in no time. Now, it’s just a matter of keeping your word. If you say you’re paying half on the 10th and half on the 30th, it’s important that two payments are made before the month’s up. By the same token, don’t agree to a payment plan you can’t keep. No matter how hard you wish for “things to balance out” before your payment’s due, if you drop the ball and miss the payment, you’re going to find a far less willing creditor the next time you reach out for help.
Before long, this financial nightmare will be little more than a memory. The goal is to maintain a proactive mindset and avoid reacting. You’ll get far better results if you go into it with an open mind.
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