Archive · 22 Aug 2026
Speaking Early With Lenders Can Help Protect Borrowers’ Credit Scores
Debt can become harder to manage when payments and interest keep growing.
Borrowers should not stay silent when they think they may miss a payment.
They can call their lender early and ask about possible repayment changes.
This may help prevent the loan from entering default and protect their credit record.
Making a list of all debts can show which payments need the most attention.
High-interest debt, such as credit card balances, should usually be tackled first.
Spending less and avoiding new debt can create more money for repayments.
Talking to someone trusted can also help reduce the stress caused by debt.
Borrowers are advised to contact lenders before missing payments when debt becomes difficult to manage.
Early discussions may lead to restructuring, revised repayment arrangements, or other available relief options.
Listing loans, balances, interest rates, EMIs, and due dates can create a clearer repayment plan.
Borrowers should prioritize high-interest debt while continuing minimum payments on other accounts.
Reducing discretionary spending and seeking emotional support can help borrowers manage financial stress.
- Who
- Borrowers, their lenders, Choice Finserv CEO Vijendra Shekhawat, and AIIMS Rishikesh psychiatry professor Dr Vishal Dhiman.
- What
- Advice is provided on managing difficult loan repayments, protecting credit scores, and handling the emotional pressure of debt.
- When
- Borrowers should contact lenders before missing payments or allowing dues to accumulate.
- Why
- Early communication may help borrowers arrange restructuring or revised repayments, avoid default, and protect their credit standing.
- Recommended first step
- Contact the lender early if repayments are becoming unaffordable.
- Debt assessment
- List every loan, outstanding balance, interest rate, EMI, and due date.
- Repayment priority
- Direct extra payments toward the highest-interest debt.
- Other account payments
- Continue making minimum or required payments across accounts.
- Spending guidance
- Reduce discretionary expenses and avoid fresh debt unless necessary.
- Potential lender options
- Borrowers may discuss restructuring, repayment relaxation, or revised arrangements.
- Emotional support
- Seeking support and taking problems one step at a time may help manage debt-related stress.