Suze Orman
Suze Orman
Susan Lynn "Suze" Ormanis an American author, financial advisor, motivational speaker, and television host. Orman was born in Chicago and pursued a degree in social work. She worked as a financial advisor for Merrill Lynch. In 1983 she became the vice-president of investments at Prudential Bache Securities. In 1987, she founded the Suze Orman Financial Group. Her program The Suze Orman Show began airing on CNBC in 2002. In 2006 she won a Gracie Award for Outstanding Program Host on...
NationalityAmerican
ProfessionAuthor
Date of Birth5 June 1951
CountryUnited States of America
Credit card issuers and HELOC lenders are like fair-weather friends: They cozy up to you in good times, but when the economy heads south, they abandon you faster than Usain Bolt runs the 100 meters.
It wasn't until I stood in my truth and told everybody that I had $250,000 in credit card debt. At that point, everything turned around for me. I had to reveal the truth about what I didn't have, more than pretend about what I did. That was interesting.
Late payments also hurt your FICO score. And never, ever take out a cash advance on your credit card.
Make this the year you tackle that credit card debt once and for all.
If you're in poverty and all you have is a debit card or a prepaid card or you pay in cash, it does not report to a credit bureau. If it doesn't report to a credit bureau, it cannot create a credit score for yourself.
I love, love, love that you want to use your debit card. But to keep your credit score solid, you still need to keep a few credit cards and use them at least once every few months.
Those carrying a credit card balance should scale back to making the minimum payment each month so they have more money to put into savings.
The world does not need another credit card.
Money is the only thing you can use even if you don't have any. ... There's always a credit card ...
A cash advance on a credit card is one of the worst types of borrowing because the interest rate is typically 21 percent or more.
Your goal should be to pay off your credit card bills in full at the end of each month and set aside money toward your emergency savings.
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
If your company matches your 401(k) contribution, then no matter what, contribute to your 401(k) first. You put in a dollar, they put in 50 cents. It's an automatic 50 percent return on your money. You can't pass that up. I'd rather have the 50 percent than pay 32 percent interest on a credit card.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.