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.


3. Look into credit counseling.

Nonprofit organizations provide credit counseling, often known as debt counseling, to assist people with money and debt management.

When you work with a credit counselor, they may assist you in developing and reviewing your budget, prioritizing your payments, and even working with your creditors to stop collection proceedings and pause fees through a debt management program. (More on that later.)

This could be a viable solution for individuals who…

  • When it comes to debt management, you’re not sure where to begin.
  • I prefer to seek budgeting and financial assistance from a competent and objective professional.
  • They require additional resources to assist them in gaining control of their finances.