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
Yes, your kids should go to school. No, you shouldn't bankroll their degree whatever the cost. You've spent your life creating a sound financial plan; don't upend it by suspending your retirement savings or taking out a home equity line of credit to pay for a pricey college.
I generally encourage people to make good on debts when they have enough money to repay them. But once a delinquency has been reported to a collection agency, paying it off won't help your FICO score. The damage has already been done, and the blemish will remain on your credit report for seven years.
Make it a priority to have at least eight months of living costs set aside in a federally insured bank or credit union account.
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.
I have always advocated doing everything possible to pay off credit card balances; it's good financial management and the ticket to a strong FICO credit score.
The world does not need another credit card.
Absolutely pay off your credit card debt, because a child can always get a loan to go to school, possibly a scholarship, a grant.
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.
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.
I want to see a new system. I believe that the credit scoring system is broken. That's my belief.
Imagine you waking up tomorrow and you can't get a bank account; you can't get a credit union account. Everything has gone away and you're now living in poverty.