A Response to Suze Orman’s Article
In “How to Take Control of Your Credit Cards”, CNBC host and bestselling author Suze Orman provides her professional opinion on how the we can take responsibility and eliminate credit card debt. With Orman’s advice and a little discipline all debts, either by choice or circumstance, can be cleared up in as little as just a few months. To start taking control of your debts you must learn to bring your interest rates down, protect those new low rates, and possibly seek help extra help through a credit counselor. First, she encourages everyone to try bringing their rates down “as low as possible”. Orman explains how it can be easy to negotiate a lower rate with your current card issuer if you carry at least a 720 FICO score and consistently remember to make the minimum payments each month. She goes on to suggest looking for a new company who can offer a zero-rate intro if your old issuer does not want to play ball. Secondly, Orman advises that any newly reduced rates you receive be treated as “if it were an endangered species.” She informs us about the extra fine print that comes along with your new agreement and how any new purchases made on your card or late payments can take away your new zero interest card. We’re also reminded that the credit card companies can check all of our credit reports and see if you are late on any other credit cards which may affect you negatively also. Lastly, she gives a resource for any borrowers who may be drowning in credit card debt. Orman recommends looking for reputable counselors by contacting the National Foundation for Credit Counseling. She advises that, “A good counselor is also going to require that you attend education classes.” But, shortly after reminds us that it is not intended as punishment. She finishes her article by telling us that all it takes is a few good habits and keeping your credit cards under control to avoid debt from piling up on you. Orman believe that it is possible...
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