A and eliminate credit card debt. With

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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 for anybody to get themselves back up on their feet even if it may take them many of years.

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Suze Orman brings her professional expertise in “How to Take Control of Your Credit Cards” and makes it understandable for just about anybody to comprehend. In her article she relies mostly on tips and tricks she has picked up throughout the years in her career. While it might seem that a lot of the advice given in the article is common sense and widely available to the public, Suze can convey her message in a way that is more relatable to the average person.

From the voice in her article to the simplicity of her ideas; everything is laid out on the table for us to easily work with. The public may know these solutions are out there, but using her celebrity, she can inform us in a more personal level simply because she is a familiar face millions of people will see on television. I personally haven’t had the pleasure of sitting at the table for hours at a time, shuffling my accounts around so I could pay off one debt with another. I did however get a front-row seat when my brother was caught up with his credit card bills.

This was at a time when 16 year-olds with expensive taste and very little income were receiving pre-approved credit card already with their names printed on them. After my mom rejected him countless amounts of times he sent in his application without her knowledge. The changes began almost instantaneous. On Saturday he received his card and started out small. A couple new pairs of jeans and a few Polo shirts were added to his closet. Then on Sunday, he treated himself to a full detail after purchasing a new CD player for his car.

Monday after school he brought home the newly released XBOX by Microsoft. Tuesday and Wednesday he treated himself and his friends to Perkins for breakfast. And on Thursday, my parents started to ask questions after they had signed a package from UPS containing a brand new JVC home theater system. I was never told the exact amount of money he had spent in that short week, but I do remember my parents owning his freedom until he had paid them back, which was sometime near the end of his senior year.

Orman briefly touches on the topic of young adults using credit cards. She encourages 20-somethings to “lean on their credit cards if they don’t yet make enough to always keep up with their bills. ” This is the case only if you have a steady job and a good chance of advancement within the company. In a 2009 study by Sallie Mae, the nation’s No. 1 financial service company specializing in education, they found eighty-four percent of college students having at least one credit card, a dramatic increase from just eleven percent in late 2004.

And even more alarming they also discovered half of college undergraduates had four or more credit cards in 2008. Growing up I was taught if you don’t have the money to buy something, you can’t buy it. This is why it scares me when I see friend’s swiping the plastic for frivolous “wants” instead of only emergency situations. When the inevitable happens and I receive my first card in the mail, I can assure you Suze Orman’s advice will always be in the back of my head.

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