Right away.
Let me explain.
Ideally, you want to contact them right away – BEFORE you have to make a late payment.
If you have been laid off, or your house is about to be foreclosured on, or your adjustable rate mortgage just reset and you can’t get a better loan deal and you may have to give up your house, or you suffered an illness and have huge medical bills and missed weeks of work…
Call the creditors and explain.
Obviously it is important that you are telling the truth and that you intend to pay them back.
But if you call them BEFORE trouble starts, you may be able to save your credit rating, or at least lessen the damage. You may be able to avoid late fees and collection agencies.
So what if you waited too long, collection agencies are calling?
Call them right away. Explain your situation.
Because the longer that you wait, the worse your credit rating becomes, and the more likely it is that your creditors will take drastic action such as going to court or filing against you.
See what you can work out as far as a payment plan; most likely they will accept lower payments rather than no payments.
Hiding from creditors will not make them go away.
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