Unclaimed Money

Communication is vital to keeping relationships healthy. Keeping both parties informed eliminates uncertainty and doubt in the relationship. It keeps you on the same page, and moving in the same direction. This is true not only in your personal relationships, but in your relationships with your creditors.

Your creditors will keep you informed. They will communicate with you when you’ve missed a payment. They are sure to tell you that there has been a change in terms. They will give you a pat on the back, in the form of a credit increase when they are happy with you. They will offer you access checks and other services to entice you to deepen your relationship with them. They sometimes will communicate with you too much, and just don’t take the hint you’re not interested.

Often though the conversation is a bit one sided, and with your creditors, that is fine if things are going well. If you are happy with the relationship as it is, you are keeping up your end by paying on time, and have no interest in their enticing offers, there is no need to respond to their multitude of communications. If you can’t make your payments, if you’ve missed a payment, or just aren’t happy with the interest rate or other terms make a phone call. In many cases you will be able to come up with a solution that is acceptable to you and to your creditor.

If you are struggling, you need to call your creditors, and make some arrangements. They want to know that you intend to pay them. They are willing to work with you, but they can’t if you don’t first communicate with them, or at least respond when they communicate with you. Opening up the line of communication can save you hundreds of dollars in interest and late fees. It also can help protect your credit rating.

Communication is important in any relationship. The relationship with your creditors is no different. Keep the relationship healthy by letting them know if you are having problems, and taking the opportunity to come up with a solution.

This entry was posted on Friday, March 14th, 2008 at 10:32 am and is filed under money, debt, personal finance, debt handling. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.