Does the idea of calling up your creditors to negotiate down your debts sound about as intriguing as conducting your own dentistry? And maybe just as risky, leaving marks on your credit report and a very sore FICO score?

We hire others to do everything for us, from walking our dog to washing our dishes. In response, we’ve lost the drive and ability to tackle tasks that do not take much more than a deep breath and a little common sense – you won’t need much more to negotiating down your debts.

The ball will be in your court. As this article by financial guru Liz Pulliam Weston states, companies are more willing than ever to cooperate with distressed borrowers. The percentage of delinquent credit card accounts is rising and banks are hiring more callers to collect. Also, it does not show up on your credit report just because you called your debtors.

Have your accounts in order. It’s time to tally up what you owe and to whom you owe it to. You’ll want to be able to quick reference due dates, interest rates and last amounts paid on any account. You’ll also want to have an idea how much money out of your monthly budget can go toward debts when you start talking numbers.

You’ll have to show you’re nearing trouble. The fact you haven’t paid your credit card in 60 days speaks louder than just telling your creditors you are headed for trouble. Although late payment can knock a FICO score down a full hundred points or more, by calling you’re attempting to keep much worse negative items, like a “Charge Off” from being reported.

Get everything in writing. Your best bet is to work with a customer representative who handles these situations – just ask for this person. Take down names, times, numbers and agreements. Do not send any money until you can get all the details on paper. Make sure they are clear with you about any information that will be reported to the credit agencies.

In the long run, negotiating down your debts could seriously help your credit status: If you have debt payments that are reasonable, that means your bills will be paid on time.