Learn 7 Debt Relief Options for Overcoming Insurmountable Debt

2. Make contact with your creditors

Creditors may offer complete debt relief solutions and payment modification programs in which you can participate; however, you must contact them to learn more.


When you contact creditors and explain your status and current financial difficulties, you may be able to obtain due-date extensions, modified payment plans, or permanent changes in monthly due dates. A mortgage modification can help people stay in their homes.

This program would add your outstanding balance to the amount of your loan. Your mortgage lender will then modify your payment schedule accordingly. To obtain credit card debt relief, contact your issuer and request that late fees be canceled or decreased to make repayment more manageable. Whatever route you take, don’t be hesitant to seek debt relief. Creditors will not penalize you for investigating your choices.

This could be a viable solution for individuals who…

  • I have not yet contacted my creditors to discuss debt reduction possibilities.
  • Are you already behind on payments or would benefit from a new payment due date
  • They would benefit from incorporating a current debt into their loan balance.
  • Have debt that has not yet been collected.
  • Can make smaller payments over a longer time.

Examine your most recent bills to determine if there are any instructions for contacting creditors. Contact information can be found on your bill, online, or, in the case of credit cards, on the back of your card. When you phone creditors, describe your position — whether a job loss or an unforeseen expense — and inquire about debt relief or discount programs. Use your track record of on-time payments as leverage when asking for payment help.