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It is likely that many of us, whether personally or professionally, will experience a period in our lives where things are a bit challenging financially. In the book, Art of Leadership, Roger Neugebauer offers a number of positive suggestions for surviving these tight times. Here are a few tips he offers for working with creditors:

“Creditors don’t like surprises. When you know you are going to have a problem meeting a financial obligation, call the creditor in advance to let him know you’ve got a problem. This demonstrates that you take your obligations seriously and gives him time to adjust his cash flow projections.

Promise only what you can deliver.  Creditors will want you to commit to a repayment schedule. Unless you are really certain about improving prospects in the near future, avoid making specific commitments.

Less is more. Try to make small partial payments periodically to all creditors, rather than paying in full the ones that scream the loudest.”

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