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So, you can see the writing on the wall now, you are in too deep and your creditors are starting to ring you at home in the evenings too. You are aware that you have to do something, but you don’t know just what. It’s so embarrassing talking to the kid from the debt collection department, especially over the phone, but you don’t want to take time off work to go down there either! But you can’t wish the problem away either. You think that you ought to look into debt consolidation and reduction.

However, before you consider debt consolidation and reduction loans, take a look at your debts to work out your total exposure. Debt is a source of credit lines given to you by creditors who thought that you would repay the amount borrowed or owed. When creditors become aware that you are behind on your repayments, they will frequently delay a couple of weeks before telling the collection agencies.

During this time, you might want to get in touch with your creditors and ask for an extension of time, a debt reduction, or even a complete termination of the debt. Creditors do expect to get their money back and therefore, they may extend your credit period, because they want to avoid the problems that crop up when they have to report a customer for a default on payment.

Creditors do not want to make enemies of their customers, since they hope that the customer will show good faith and pay the debts and continue doing business with them. If you fail to contact your creditors, they will eventually turn your files over to the collection agencies. These agencies often use much heavier tactics to retrieve the money owed.

These agencies will go to almost any lengths to stress you to the point where you find a method to pay, or else stress you to the point that you need to seek professional help. Debt consolidation and reduction is a means of eliminating debts, while a loan may or may not be required.

When you do speak with your creditors, ask them for leniency, so that you can attempt some kind of debt consolidation and reduction by reducing your outgoings. If the creditors agree to debt consolidation and reduction by lowering your payments, terminating it, or else providing you with an extension and you refuse to take advantage of their offer, ie, if you fail to make repayments after the offer is made, then they will not be as cooperative the next time you speak with them.

Make sure that you make good your debts as agreed with your creditors to avoid any further complications. Communication is of the utmost importance, because if you have ceased talking to your creditors, they have every right to go all out to recover their money. This will assist you in your debt consolidation and reduction.

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