Debt Problems
Where can I find debt advice?
I am looking for someone ( I am willing to pay a fee) that will just talk to me about my current financial situation. I just need a fresh perspective. I don't need to hire anyone to solve my problems or "Fix a budget" or give them my check so they can pay my bills. I already know how to do that. I just want to talk to someone. I keep hitting brick walls and I just want to talk to an outsider with a new look. Maybe tell me what I am missing? I know there is a solution to my financial problem, I'm just not coming up with it. Any ideas?
Public Comments
- Credit counseling is a process offering education to consumers about how to avoid incurring debts that cannot be repaid. This process is actually more debt counseling than a function of credit education. Credit counseling sometimes involves negotiating with creditors to establish a debt management plan (DMP) for a consumer. A DMP may help the debtor repay his or her debt by working out a repayment plan with the creditor. DMPs, set up by credit counselors, usually offer reduced payments, fees and interest rates to the client. Credit counselors refer to the terms dictated by the creditors to determine payments or interest reductions offered to consumers in a debt management plan.
- I think this would be great for you. Order Oprah's Debt Diet plan, it is great!!! Very informative and it does exactly that, give you a new perspective. I also love the BOOK, "PAY IT DOWN", it helped me cut some corners I forgot about. Get the Debt Diet DVD too! http://www2.oprah.com/money/debtdiet/money_debtdiet_main.jhtml Good for you!!!
- Two ideas --Most of what has been said is valuable, however, to pay off your debts quickest use the following formula. Start with the amount owed to each creditor and divide this by the minimum payment required. For ex., owe $500.00 and must pay $50.00. This gives you the result of 10. Do that for each creditor that you owe. Any amount that you pay over the total of minimum payments is sent to the creditor with the lowest number. When you pay off the lowest number creditor, then move on to the next lowest number, etc. The person who told me about this read it somewhere and then did the math by hand to verify it. Disregard the different interest rates. For some reason, this works. --Read the book "Your Money or Your Life" by Dominguez and Rubin. It is the most natural way that I have come across to change your spending habits and feel good about what you are doing. Good Luck with changing your ways.
