Financial Advisors

[iluvtheatertrash]

Posted: 4/9/13 at 3:40pm

Hey, gang --

I've been drowning under a sea of personal debt for about two years now. My credit is so bad it's laughable. And the worst part of it all is that I don't even know where to begin to fix it. Considering how many of us are in a terrible industry, and are struggling now or have in the past, I wonder if someone can recommend a FREE financial advisor in the NYC area who can assist me in figuring out how to get back on my feet?

Thanks so much.

[~tiny~]

Posted: 4/9/13 at 3:49pm

The ACtors' Fund! Great source of info. If you're in the profession, they have financial workshops, etc. for you. If not, they will steer you.

[iluvtheatertrash]

Posted: 4/9/13 at 4:04pm

Thank you, tiny. To be honest, I'm a little embarrassed to go to them. My credit is BAD. And it's not just student loans and credit cards.

[dtzumbrunnen]

Posted: 4/9/13 at 4:05pm

If you want to look for free, definitely look for a personal connection that is willing to give you some pro-bono advice.

If you find someone that says they're willing to give you financial advice for free and you have no personal connection with them that would warrant them putting in the time to give you good intel, be very wary.

I took a free series of courses on Fundamentals of Personal Finance through Coursera (a online aggregator of university-level courses from across the country) based out of UC-Irvine. It was a good overview of finances and although there aren't any sessions open now, you might want to keep it as a back-pocket resource
Coursera

[iluvtheatertrash]

Posted: 4/9/13 at 4:12pm

Thank you, both. It's become so overwhelming. Sometimes I think I'll be crushed under it all.

[StockardFan]

Posted: 4/9/13 at 4:33pm

I don't have any advice, but just wanted to say good luck to you!

[Phyllis Rogers Stone]

Posted: 4/9/13 at 4:37pm

Don't be embarrassed. Life throws curves that you can set you back, or sometimes you just screw up. You know you need to do something about it and you're reaching out for help, which is what you should do. Don't let pride or embarrassment get in the way of helping yourself get back on track. It may be little consolation, but you're hardly the first person to be in the position you're in. Don't be too hard on yourself and figure out what you need to do to get yourself back on track. Best of luck.

[ljay889]

Posted: 4/9/13 at 4:48pm

Do you have a bank account somewhere? Most banks have a financial advisor to assist their customers.

[PalJoey]

Posted: 4/9/13 at 5:00pm

Start here:

http://www.debtorsanonymous.org/

Find a meeting here:

http://www.debtorsanonymous.org/admin/index.php/find

[iluvtheatertrash]

Posted: 4/10/13 at 12:55pm

Thank you all. Unfortunately, my embarrassment stems from the fact that it has a lot to do with some bounced checks.

Not sure if you guys remember, but about a year ago I was dealing with a roommate who was prostituting in my home when I was at work. When I gave him 30 days' notice, he refused to leave and stopped paying rent and utilities. This went on for a few months, and in desperation to cover the mounting debts, I bounced a few checks.

The government has this thing called "ChexSystems" that has basically marked me so I'm unable to open a new person account. Even though the debt is paid, my history is marked for 5 years from date of payment.

I don't know how they expect you to get back on your feet with something like this. And while I should have known better than to bounce checks, I kept saying to myself "I will figure it out before they cash it".

It is amazing to me how this guy screwed up my entire life. I had to move out of my home of three years so the landlord could take the door off and finally get him out. It was such an ordeal, and now I'm still paying for it.

Argh. Anyway, gang. Thanks for your compassion and listening.

[SonofMammaMiaSam]

Posted: 4/10/13 at 1:30pm

Two words ... Suze Orman. The library and her shows on PBS are free.

[iluvtheatertrash]

Posted: 4/10/13 at 1:59pm

Haha, I guess I SHOULD be watching some Suze.

[JbaraFan1]

Posted: 4/10/13 at 2:32pm

iluvtheatertrash, imo Dave Ramsey isn't bad either. Ignore the religious/faith stuff of his if you like (I'm a Christian and don't necessarily agree with him on everything), but his practical money advice tends to be pretty good.

Things that helped us when we were paying off debts years ago (a result of basically being young and stupid early in our marriage; I can't claim as good an excuse as you have) were simple but practical things like contacting creditors and working out payment plans with them. Make sure you have basic living expenses covered first (rent, utilities, etc), then from there figure what you can afford to apply toward debts. Say, for instance, you can afford to pay $20 on a credit card -- well, if finance charges eat that up, you could be throwing that money away pretty much -- so see if they will work with you where that $20 you can afford to pay will actually go toward paying down your debt and not be lost in a sea of finance charges and fees.

We also did the "snowball" bit where you go from your smallest debt to your largest, paying at least the minimum payment on them all, except you pay as much extra as you can afford on your smallest debt. When that debt is paid off (which always feels great!), you then repeat the same steps with the debts you have left. Ideally you should increasingly have more extra to apply toward your current smallest debt.

You'll get there. It will take time. Just don't get discouraged! Wishing you all the best.