Recommendations for Debt Reduction Financial Planners - no charge service (Earl: credit card, student loan)

[classyinthecity]

Looking for financial planners that will strategize with me about the best solutions and approaches to reducing my credit card and other debt. I need a new plan that will go beyond the basics that I have implemented already. I now need a professional opinion between certain approaches and which would be the best in the long run. (personal loan to consolidate, prosper.com, stick with credit card and just pay triple the minimum, etc)

On my way to financial freedom!!
Thanks in advance for sharing any success stories!

[Mike409]

Originally Posted by classyinthecity

Looking for financial planners that will strategize with me about the best solutions and approaches to reducing my credit card and other debt. I need a new plan that will go beyond the basics that I have implemented already. I now need a professional opinion between certain approaches and which would be the best in the long run. (personal loan to consolidate, prosper.com, stick with credit card and just pay triple the minimum, etc)

On my way to financial freedom!!
Thanks in advance for sharing any success stories!

I'm of no help in regards to recommended planners. However, I recently saw a video of a guy, who was giving some insight into how to get out of debt. I believe he followed Dave Ramsey plan.

He got out from $125000.00 debt, by himself, without the aide of bankruptcy or settling. One thing he said was to list all your debt. He recommended to start with the lowest balance and just hammer it with payments. Then, cross it off the list and go to the next higher balance and do the same. I'm not sure if that is Ramseys way or not, but I like that method. It's mentally pleasing to see your accomplishing the reduction of debt.

While I was not heavily in debt, I did need to pay some things off and I did it the opposite was of paying the highest interest first. While that may be the most economical way of completing the task, it seemed like it took longer and it did get frustrating. If I had to do it over, I would have used the youtube guys way.

Sorry for carrying on, I just watched the video tonight and it was fresh in my memory bank. You may be past this point, maybe other could use it. I will post what video it was in a little while(title)

[cec311]

Head to the library or bookstore and pickup The Total Money Makeover by Dave Ramsey. The easiest way to eliminate debt on your own. It tells you things you already know, but helps implement them into a plan that works.

[The Ghost]

To classy in the city.
Check out joesangl.com and see what u think. He is an unbelievable speaker and has found his calling in life to help those in debt GET OUT OF IT.
He will answer emails and questions you may have and has tons of tools and links on his website.

Hope that helps.

[uber_bwnage]

Originally Posted by cec311

Head to the library or bookstore and pickup The Total Money Makeover by Dave Ramsey. The easiest way to eliminate debt on your own. It tells you things you already know, but helps implement them into a plan that works.

2nd that. Dave Ramsey is really good. He is also on the radio.

I followed his program and modified it a little to pay off biggest interest rate first instead of smallest balance.
I was up to my eyeballs in debt (since age 18) and now almost completely out (car, mortgage, student loan only). Paid off nearly $14K in 9 months. Now saving half my salary a month as opposed nothing before.

I would also recommend a "personal finance" class from your local community college. It will help you understand everything you need to know about $, even if you think you know a lot.

[classyinthecity]

Thank you everyone! I appreciate your feedback and welcome any more! These have been great leads and I'm getting on track fast! I've taken a part time job as well that will go directly to the debt!
@uber_bwnage that is great that you are able to save now! That is my goal after repayment!

[flyingscotsman]

They will all pretty much tell you pay minimums on everything but one with the highest interest where you pay the balance of everything you can afford.

Also call all the credit companies and ask for a rate reduction, even in todays climate it does not hurt to ask.

Mike mentioned listing your debt, I say take that a lot further, for the next three months list on a spreadsheet every penny you spend, it's an eyeopening shock.
Over the years I helped several people get out of debt by making them self aware.

[GW Smith]

I have been a Financial Strategist for over 40-yrs and hosted my own financial radio show for many years. I developed an assessment that can give you different strategies, that I provided my listeners at no charge.

If you would like one I would be happy to help.

[Carolinajean]

United family services provides consumer credit counseling. Their services are on a "sliding scale", I believe.

http://www.unitedfamilyservices.org/economicindependence.html (broken link)

[ryan112ryan]

One website I would suggest because it has very concrete actionable steps is Early Retire Extreme.
If you look on the right side (and down a bit) of the website, it has this 30 day plan, which is very logical and makes a big impact, some things might not apply to you.

http://earlyretirementextreme.com/

I would also suggest Dave Ramsey, they do programs at churches and he has a book. He is very practical, no money schemes, just really basic changes in your behavior when it comes to the money you have.

you can get a basic jist of what his philosophy is by scrolling down to the money section on this website: The Tiny Life » The Solution (http://www.thetinylife.com/the-solution/ - broken link)