If you have debt and you’ve been tempted by consolidation programs, you are not alone. Good news. You can often get real help by calling your creditors yourself. This guide gives you the basics, plain language scripts, and a free workbook so you can move forward today.
Quick resources:
- Workbook: DIY Debt Relief Workbook
- Listen: DIY Debt Relief walk-through
- Read: How She Paid Off $25,000 in 6 Months: Renegotiating Debt, Canceling Subscriptions, and Going Cash-Only
- Read: How This Couple Paid Off $13,000 in Debt (While Still Living Their Life)
- Read: How to Pay Off Debt Without Sacrificing Your Lifestyle
- Get your FREE credit report: https://www.annualcreditreport.com/index.action
What is DIY debt relief?
DIY debt relief means you contact your creditors directly to ask for help. You keep control of your money. You avoid third-party fees. The goal is simple: lower interest, lower payments, or a clear settlement so you can make steady progress.
Why skip debt consolidation companies?
- Many programs pool your money and delay payments while charging fees (and collecting interest on your money!).
- Your balances may not drop for months.
- You can often get the same or better deals yourself in less time.
Tip: If you already signed with a program, you can still call your creditors and ask for options. Get every agreement in writing.
What to do first
- Pull your free credit report. List each debt with balance, interest rate, and minimum.
- Decide your target. Start with one or two accounts you want to tackle first.
- Plan your ask. You have options: lower / 0% interest rates, reduced monthly payments, balance reduction, closing the account.
What to say on the call
Use this simple script to start the conversation:
“Hi, I’m experiencing financial hardship and I want to stay on track. What options do you have to reduce my interest rate, balance or monthly payment?”
If the answer is no, call again later. A different rep can offer a different option. Keep notes of dates, names, and offers.
Get it in writing
Before you send money, ask for the offer in writing by email or through your account portal.
Real client examples
- Rate drop to 0 percent. After FIVE phone calls until she got “somebody who actually wanted to help me,” one client received 0 percent for the life of the balance and a reduced payment.
- Faster than consolidation. Another client canceled her program, negotiated directly, and cleared multiple debts months sooner.
Common concerns
- Reward points: If you might lose them, use them now. Book the flight. Cash out the gift cards. Then move on with the plan.
- Credit score: It may dip for a bit. That’s normal. As balances drop and payments stabilize, scores usually climb back up. Eyes on progress, not the number.
- Feeling awkward or ashamed: You’re not in trouble. You’re having a simple business conversation. Be kind, be clear, ask for help, and write down what they say. Screenshot and save every agreement.
FAQs
Is DIY debt relief legal?
Yes. You are speaking directly with the company you owe. Ask what options they can offer and get the terms in writing.
Can I do this if I already joined a consolidation program?
Often yes. Call your creditors and ask about hardship or settlement options. If needed, review your contract and speak with the program about cancelation terms.
Will my credit be ruined?
Not forever. If you miss payments, your score can drop. As balances go down and payments stabilize, scores commonly improve. Plus, your credit will TANK using the consolidation companies anyway.
How long does this take?
Some wins happen in one call. Others take follow-ups. Small wins stack up and free cash for the next debt.
Helpful resources
- Workbook: DIY Debt Relief Workbook
- Listen: DIY Debt Relief walk-through
- Read: How She Paid Off $25,000 in 6 Months: Renegotiating Debt, Canceling Subscriptions, and Going Cash-Only
- Get your FREE credit report: https://www.annualcreditreport.com/index.action
Final thought
You do not need a third party to make progress. We KNOW you can do this on your own. A clear plan, a simple script, and steady follow-through can help you pay less interest and pay off debt faster!
Next step: Grab the DIY Debt Relief Workbook and listen to the episode before you make your first call.