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Old 02-10-2017, 10:07 AM
 
Location: Raleigh-Durham/Triangle
376 posts, read 1,058,832 times
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Am looking for recommendation on who to see for debt counseling and financial advice. The type of service I'm looking for is to look at our overall debt (credit cards, taxes, loans), our current income and our assets (home, business, pensions) and advise us on the best way to move forward to clean up our current debt and finances. Preferably located in Cary or Raleigh.
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Old 02-10-2017, 10:15 AM
 
9,265 posts, read 8,211,424 times
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Quote:
Originally Posted by Irvinegal View Post
Am looking for recommendation on who to see for debt counseling and financial advice. The type of service I'm looking for is to look at our overall debt (credit cards, taxes, loans), our current income and our assets (home, business, pensions) and advise us on the best way to move forward to clean up our current debt and finances. Preferably located in Cary or Raleigh.
My advice is to save your money - you'll go further in debt trying to clean up your debt.

It doesn't sounds like you have anything overly complicated going on - take your highest interest debts (probably credit cards) and remove them as fast as you possibly can. Then work on the lower interest debts. I know this sounds like lame advice, but is there really more to it than that?
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Old 02-10-2017, 10:27 AM
 
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I listened to a great podcast with this woman. It's based in NYC, but I'm sure they offer remote services.

The Financial Gym: Redefining Financial Fitness
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Old 02-10-2017, 11:08 AM
 
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While I disagree with some of Dave Ramsey's financial investment strategies, you might consider taking his course. I know people it has helped. His course is offered lots of places, mostly churches for little money. I know Hope is starting a class next week, but I am sure there are others.
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Old 02-10-2017, 11:50 AM
 
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Most people don't have an income problem. They have a spending problem. Cut spending and the problem fixes itself. I would be hesitant to pay money for this service initially. The Personal Finance section of this board is fairly helpful after disregarding the ridiculous posters. It's anonymous.

If anything it could make you think of additional things to ask a financial advisor so you go in prepared.
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Old 02-10-2017, 03:23 PM
 
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Triangle Family Services has an excellent financial services department. Plus their programs are free as they are a nonprofit organization. They have workshops and individual counseling services. I know someone who participated in their debt repayment program several years ago and had nothing but good things to say about them.

https://tfsnc.org/financial-wellness/
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Old 02-10-2017, 03:37 PM
 
8,085 posts, read 5,206,858 times
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Originally Posted by wake74 View Post
While I disagree with some of Dave Ramsey's financial investment strategies, you might consider taking his course. I know people it has helped. His course is offered lots of places, mostly churches for little money. I know Hope is starting a class next week, but I am sure there are others.
+1.

And A LOT less $$$$.

Why spend more when you already have a debt problem?
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Old 02-10-2017, 09:18 PM
 
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Credit Cards: Pay your bill in full every month so you don't carry over a large balance with interest charges. If you can't do that then you should analyze your monthly spending habits and cut out things that are not necessities or are unaffordable. Most credit card companies now provide free spending analysis which breaks down your spending habits into category percentages so you can see exactly where your money goes. Eat at home more often and find entertainment activities that don't cost a lot of money.

It's easy to just whip out the plastic until you have to pay the bill. If you have credit card debt, don't just pay the minimum amount due because you'll never get it paid off that way. Pay as much as you possibly can every month and try not to buy more stuff on credit until after the debt is paid off in full. Some people have frozen their credit cards in ice so they can't be used and it forces them to think twice about what they're spending.

Loans: Again, don't just pay the minimum due. Add an extra dollar amount consistently every month that is specifically applied to the principal amount still owed. This will pay down the principal faster and lower the amount of interest paid over the life of the loan in addition to paying the loan off in less time.

Pay yourself first: You should be setting money aside from every paycheck to build up a rainy day fund. Most financial experts recommend that you have enough money saved to cover at least six months of living expenses which will help cover family emergencies, sudden unforeseen and unexpected expenses, or job loss. Set up an automatic paycheck draft or transfer at your bank to deposit the same amount of money into a special savings account just used for emergencies. Out of sight, out of mind means the account balance will build up quickly over time.

Those are the basics. Use your money wisely to work for you, not against you. Don't spend what you can't afford. It's really that simple.

Good Luck....!
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Old 02-10-2017, 09:32 PM
 
4,076 posts, read 4,807,210 times
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Depending on what kind of debt you have and the dollar amounts involved, filing for bankruptcy might be another option to consider in order to wipe the slate clean, but it doesn't come without some lingering repercussions down the road. Some types of debt also cannot be written off in bankruptcy.
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Old 02-10-2017, 09:52 PM
 
3,532 posts, read 2,993,164 times
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Approved Agency List

Here's a list of government credit counseling approved places.
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