Talk to your creditors and make a deal

If you have debt problems, it sometimes helps to call your creditors and explain your situation. Talk to supervisors at credit card companies, utilities, phone companies, etc., to work out a repayment plan. The company might accept less than the amount you owe, but that could hurt your credit rating. Always try to pay back your entire debt.

What if you have paid down most of your debt, and you have a history of paying your bills on time every month, but your credit card interest rate is still high? Call the company that has your credit card account and ask to have it lowered. Some companies will honor such requests for those who have recently improved their credit record.