Suze Orman - Changes to Credit Card Law

[AmericaTops]

Suze is right. Most people at least use credit cards, but YES - should do so responsibly! Credit card companies need MORE laws holding them in check! American Express is the worst. You (customer) must abide by the "agreement," but they can generally do WHATEVER they want. It is best to avoid them altogether if possible! To idiot '41eilliott' : you must pay what you owe, or you're a BUM.

[46619TAB]

I LUV you Suze BUT, but. I'm 57 and was raised by parents that survived the first depression. They NEVER used credit cards and pounded into me "IF you DON'T HAVE CASH to buy it, you don't need it or can't afford it". I may not have the ginormous plasma tv in every room in the house along with sorround sound systems, a $300 dollar 'smart phone' (plus contract) or cookware and crystal made in France BUT except for utilities, the only bill I have is an affordable mortgage.

[jebenn23]

I paid off my Capital One Bondage and Chase Slavery cards and cut them up. I wasted alot of money on interest and fees for things I could have just paid cash for.

[jasonfkg]

But Suze, the universal default policies were a good way for credit card companies to protect their assets. They allowed the credit card companies to share information and know who was being a bad debtor so they could get as much money as possible from someone who was 'robbing Peter to pay Paul', and realistically, those people have a 95% chance of going bankrupt anyway, so the credit card companies were just getting their money, and it's not just their money. It's their share holders' money.

[sweetucky2]

when i was 18 my mom said i needed to get a credit card to establish credit. i didnt want one because id heard all kinds of horror stories about debt, but at the time i had hardly any savings. currently i have 2 cards, and have used them for a couple purchases, like if one day i forgot my debit card i used them but that's it. when i buy things i almost always use cash or my debit card. but even when i was trying to finance a car i still didnt have enough credit.

[djxkon]

I agree! Not a big fan of Suze though!

I also posted this at 

financialforums.us/threads/49-­Suze-Orman-Changes-to-Credit-C­ard-Law

If you want to make comments longer than 500 characters.

[hazelhybrid]

Get 'em Suze!

[TheZamacueca]

LET ME HELP YOU SUZY, OUR LEGISLATORS ARE ALL CORRUPTED. FILE BK 7 AND THAT WILL BE END OF YOUR NIGHTMARES. FICO SCORES ARE SO LOW,..MAKES NO SENSE TO PAY THEM BACK! THANKS! 

[hufftube]

So, saw a SNL sketch, and had to see the reference of the joke (Wiig is brilliant, btw). Listened to this video, and was amazed by the erroneous sensationalism. I'm a software engineer, so thank those guys on the large got year or more to fix their business logic. Not everyone is out to get you, not everything is a conspiracy, things just don't automagically happen, it takes ti

[TheMEK3]

Tell em Suze!!

[mikeprodi]

hey all of you americanos.

the good news is you pay for my $12 000 credit card debt.

they gave me money - i took money.

by the way - living in russia for good.

[fasteddie847]

Suzy Orman is a lesbian

[TheZamacueca]

@fasteddie847 SO IS YOUR MOM!

[fasteddie847]

@TheZamacueca god you're an idiot

[chizzy555]

would you all stop being such simple plebs and just trash your credit cards already?

[Web2525]

what happens if you quit making payments ?

[TheZamacueca]

@Web2525 YOU WILL SAVE MORE MONEY FOR FUTURE CRUISES ! IT WORKS LIKE A CHARM!

[giggins]

"Why didn't they have those changes go into affect this year?"

How many politicians had their political campaign sponsored by a bank?

[ValeTudo01]

i've had my 2 cards for 10 years, one of them went up to 21% from being at 9%. i called the company up to cancel my card, got them to lower my interest back to 9% instead. i keep them around for Emergencies, i try to use cash whenever possible.

[amberfwn]

Thanks 41elliott, you told a fact. I also get the feeling that stevehauk is in the banking system.

[mjpitche]

My rates went up after 15 years. Now I have to pay an extra $50.00/month in interest.

[SkidLeRow]

Amen Suze.

[77sporty]

attack on the middle class. fuck obama he's a puppet for white man. if you can't pay them go bankrupt and don't pay them. it cost you a one time payment of around 1,500 for the lawyer.. bam your done. if you don't own anything like property. fuckem let them put a judgment on you. the whole world will be in kaos very soon anyway. my cards are in the trash.

[homebaseincome]

I always watched you on TV and never thought of checking you out on YouTube. I subscribed. I love your show and look forward to learning so much more.

[NEVBB]

I love how passionate she is.  My goal is to pay off my Citi card first because they definitely stuck it to me.

[StewartLucrative]

@NEVBB You stuck it to yourself.

[amberfwn]

You can't say that about Nevbb, because she/he didn't state how they stuck it to her; you're assuming.

[blkcolas]

@NEVBB - Learn about SOL (statute of limitations) and DOFD (date of first delinquency). DOFD is important, because this is what determines statue of limitations and also the 7 year removal from your credit report. Reach the SOL with your DOFD, without being sued, and they then have no legal recourse.

[Bahia82]

This is why i voted for Obama! LOL, not becasue of the economy (that will improve regardless of whos president), not because of "hope" lol, but because of simple things like this that make the big difference over a life span

[skyhonor]

she is right about ONE thing.

[41elliott]

Here's a peice of advice Suzy won't give you.... Don't pay. Simply don't pay. Go out and max your cards and then don't pay. What are they gonna do, report you? So the fuck what? All that means is that your less likely to get a loan or another credit card. SO WHAT? You need to get rid of the ones you have. The LAST thing you need is more "credit".

FUCK'EM

[stevehauk]

41elliot did you ever hear the phrase 2 wrongs don't make a right?? If you do what you said you're literally a thief. Just because they're weasel bastards doesn't mean we should be.

[41elliott]

steve.....Using your logic, that means if I break into your house and steal your china, YOU would be a theif if you then stole it back after seeing it at my yearly yard sale.

Save the biblical morality for someone stupid enough to swallow it. Banks crying foul over people refusing to pay them ever-increasing amounts of money is like a bully who calls the police when his victims fight back.

In fact, I'm getting pissed just thinking about it: I think I'll head down to the bar and CHARGE a beer.

[stevehauk]

Ahh I don't think so... the person using the credit does it VOLUNTARILY knowing they can get robbed.  Sounds like you need some Biblical morality and discernment and I don't care what you do.

[41elliott]

People don't "VOLUNTARILY" sign up for bullshit hidden fees from PREDATORY lenders. Banks have become first rate con artists..

If you bring your car to me for repair, and after fixing it, I decide to increase the amount due by 300%, then you would be justified in not paying me.

You sound like an employee of the banking system, delusioned into thinking that you serve as a "pillar" worthy of respect. When the economic collapse comes (and it will), these maggots should be the first slaughtered.

[SuperCleaton]

@41elliott Thank you for that some one needs to tell the truth were on our way out money will fail more people need to know

[zabuca]

@41elliott LOL I agree.... easier said than done though...

[blkcolas]

@41elliott - The present law allow them to sue you for the balance plus interest; and to garnish your wages or seize your property to collect it.

[41elliott]

@blkcolas If you get sued, all that means is that a judge is going to say..."You pay those people".

Actually paying them is a different matter. There is no debter's prison, and wages in most states can only be garnished at 10% maximum. American Express sued me for not paying them after they raised my interest rate to 30% FOR NO GOOD REASON.....

They get 5 bucks a month from me now....6 if I'm in a goood mood and it's Christmas.

I can't have them cutting into my beer and porn budget.

[blkcolas]

@41elliott - In most states they can garnish 25% salary, for life. The trick is that you have to stay stealth, never get sued. Never send a check or use a card that can be tracked back to your bank where you deposit payroll checks, cause they'll garnish. Never tell them where you work. Stealth...

[41elliott]

@blkcolas I live in Michigan, and I can tell you that it is 10%. I own a pizza shop, so they get nothing from me unless I give it to them.

But yes, I agree with you, stealth is advisable.

[blkcolas]

@41elliott - Big mistake is paying them, cause they see that you have income, and they'll sue. Play Dead.

[41elliott]

@blkcolas LOL!

Yeah, if you think about it, does anybody really think that the IRS would ever go hassle homeless guys living under a bridge about why they didn't file an income tax return for the last 20 years?

Would some junkie in the ghetto with 9 kids from 8 different women get arrested for not paying child support? Of course the answer is no, because if that was the case, the prison population would be 500% higher than it is now.

They only go after people who try.

[blkcolas]

@41elliott - LLC wont work, cause they call into question specific expenses and you lose the LLC protection. Key is to maintain zero balance, pay in full every month. Otherwise, you can't afford it (sharking). Save a specific amount of money every month (grand), without fail. Take care...

[KingLutherQ]

I WILL NEVER GET A CREDIT CARD WITH CHASE AGAIN !!! ;(

My CHASE card raised my interest to 14%. My wife's CHASE card was raised to 17%. They were only 7% when it was under wamu just a year ago. We have very good credit scores both around 740 and we have never been late in any of our payments. In fact I pay our cards twice a month and more than the minimum.

My wife just paid off and closed her account. I only owe 1000 now and will pay it off this week. I am looking forward to closing my card.

[drtrash11]

@KingLutherQ my friend, I work for chase and trust me they did it to everyone. Does that justify it. FUCK NO. Im glad they raised your rates?Y? because you payed those cards off. If you are going to use a card, please pay it off in full EVERY TIME.Dont even look at the rate. If you cant pay it off, dont get a card. otherwise ull pay 14% more on your OWN money. If you have any questions, PM me, I am a Personal Banker with Chase, Not a very successful one since I HELP people :).

[blkcolas]

@KingLutherQ - Keep it, but pay it off completely every month. Only stupid people keep credit card balance and pay interest. Sucker born every minute....

[pdacek]

she is right though...we should not accept this!

[doubanjiang]

she talks like that because the vast majority of Americans are total idiots about finances and live way, way, way beyond their means.

[NeverTheSame]

Why does she talk like a condescending kindergarten teacher?

[Cubicleboy04]

That's how you have to talk to most people so that they can understand finance...

[NeverTheSame]

I disagree. There's never a reason to talk in a condescending tone if you're trying to educate people.

[stealmind]

because most people are fucking retards