If you’ve ever fallen far behind on paying your bills, you know what it’s like to dread whenever the phone rings: What if it’s another bill collector? Ignoring the call – like ignoring a toothache – is never a good idea. Sooner or later, you’re going to have to deal with the situation.
According to Gail Cunningham, spokesperson for the National Foundation for Credit Counseling (NFCC), “Our 2011 Financial Literacy Survey found that most people – 68 percent – pay their bills on time. However, 28 percent said they experience difficulty making timely bill payments.”
Ideally, you should contact your lender as soon as you realize you may have difficulty paying a bill. They would much rather work out a repayment plan than enter the costly and time-consuming collections process.