Dreaming of a telephone can represent either a sign of avoidance of people, or interaction with people. This telephone in your dream may point to certain people that you wish to not communicate with. Perhaps you are in financial debt or there is that dreaded phone call from the doctor; in essence you are avoiding the call, not wanting to hear the news.
A telephone also serves as an instrument of communication between you and others. It may serve as foundation to your social network, showing your interactions with others.