Debt Problems

Where do I find a professional to provide financial assistance to better manage my debt?

What type of professional offers assistance with examining and evaluating an individual's personal financial debt. I am looking for someone to review my personal balance sheet and provide suggestions on how to make improvements. I have no investments and am way over-extended. I am concerned about using a CFP, because I am not looking for portfolio or investment advise. I am also concerned about meeting with a banker, because I have horrible credit and certainly don't want to borrow more money. Additionally, I need more help that just reading a book can offer. I know I need to make changes, I would like to get a professional's advise on making these changes wisely. I would appreciate any suggestions on getting some strong financial advice. This is not unsecured debt i.e. credit cards. This is real estate, cars, boats, etc. We make a healthy income. Its not the daily purchases of coffee and eating out that is draining us. We have too many high ticket items and need help determining which to refinance and which to sell. I am looking for the appropriate type of financial advisor to help us.

Public Comments

1. Try this website: http://www.nfcc.org/AboutUs/aboutus_01.html This first page explains what they do, and it sounds like what you're looking for. I Googled "Debt Counselors". Good for you for getting help! Good luck!
2. http://www.daveramsey.com/ i havent read it,but i hear alot of good things about his book
3. I don't know where you live, but I teach goal setting, budgeting, credit, debt management and other classes in the DC area and I've also done it via e-mail and phone. If you're interested, please feel free to check out my website below. In the mean time, what you need to do is create a good budget. Track every penny you spend for the next 2 weeks. Enter it into an excel spreadsheet and categorize it. Add up what you're spending and figure out where you can cut back. Easiest places to cut back: No smoking, drinking, eating out, bottled water, store-bought coffee, eating out, cable, internet, gym, etc. Once you figure out how much you have left each month, then you can see what you have to put towards debt. To figure out how to pay off your debt, make a list of all of your creditors, the interest rate you are paying and the minimum payment required. Order them from highest interest to lowest. You will pay the minimum payment on your lowest rate card with all of your extra money going to the high rate card. Once that is paid off, move that entire amount to the next highest card and so on. You should also try to figure out how to make extra money. Get a 2nd job, do babysitting, run errands for friends/neighbors...get creative. The gigs section on craigslist.org is good for finding the occasional odd job. Check it out. If you do these things you'll be well on your way to getting out of debt. Good luck to you and if you have any questions feel free to contact me. BTW - just a not about debt management/credit counseling companies. Be VERY careful. Those programs are considered to be worse than filing for bankruptcy and they can completely trash your credit. Every one of my clients who has used one has had a horrible experience and came out of the process with worse credit and oweing more money. If you decide to go this route make sure you investigate the company very well so you don't go somewhere bad. Good luck! http://www.personalfinance101.org/?utm_source=YH&utm_medium=link
4. You are looking for a "professional advice" who will charge you few hundreds of dollars and sink you in more debt. He is there to suck money out of all poor, ill informed people. All you need lill common sense. There is lot of useful information on internet if you search.
5. being in debt sucks. use this site to get quotes on debt consolidation. you'll be debt free in no time!
6. I agree with swenjj, try daveramsey.com for FREE before you hand over your money to some so-called expert. You can listen to his radio show online for FREE by clicking "new to dave? getting started," then "listen online now" then "listen online streaming" and last "listen to archives." You can also go to your local library for FREE a check out easy-to-understand books by reputable authors like "Total Money Makeover," "Personal Finance for Dummies," and "All Your Worth" by Elizabeth Warren, and "Smart and Simple Financial Strategies for Busy People" by Jane Bryant Quinn. These authors are recommended by Consumer Reports. Also many of these so-called financial advisers are really salespeople trying to sell you financial products rather than good advise.