Financial Advisors

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.

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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.

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

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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.

Start here:

http://www.debtorsanonymous.org/

Find a meeting here:

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

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

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.