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How to Rebuild Your Relationship With Creditors You've Been Avoiding

Have you experienced a financial setback recently and were so low on cash that you stopped talking to your creditors?

Do you break into a cold sweat whenever you see an unknown number show up on your caller ID?

The good news is you're not alone! As of 2019, Americans owe more than $1 trillion in credit card debt. On average, each family owes about $8,602 in credit card debt.

If you're finally finding your way from the financial setback that caused you to stop paying your creditors, it can still be intimidating to call up strangers after ignoring them for weeks, maybe even months.

Here are some steps that can help you rebuild your creditor relationships:

Call them or pick up the phone when they call you

Have a script ready, that explains

➢ Your hardship or current situation – “I lost my job in August and have been unable to keep up with my monthly payments.”

➢ What you’re doing to proactively address it – “I’ve been able to find a full-time/part-time job and want to get back on track with my account.”

➢ What you are able to commit to paying weekly, even it’s as little as $45 per week (If your commitment is lower than the minimum payment required, your charging privileges will most likely be suspended. Remember: it’s better to get on track and learn how to live within your means, than having charging privileges!)

If you have a good credit history until the event that started your hardship issues, use that to your advantage but remember to never demand or lose your cool. A pleasant demeanor can go a long way.

Be ready to negotiate and be prepared to pay for everything in cash until you're all paid up.

If you're struggling to get started because it's overwhelming or too stressful, don't worry, I'm here for you!

Here's a link to my calendar, we can practice your script together before you make the real call.


If you have a money question, submit it here for a chance to be featured in the "Dear Olga" column!

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