What does Suze Orman recommend?
Suze Orman is a well-known financial advisor who has written six NY Times best sellers and currently hosts her own show on NBC. Her strategy for debt reduction is simple: Plan, Reduce, Eliminate. In her latest book. “2009 Action Plan,” she discusses five steps toward financial freedom. First, you must face your debt and pay off your credit cards, she says, paying the minimum for all cards to remain current, then starting with the highest interest cards and working toward the lowest. Orman recommends adding up all your minimum monthly payments and tacking on an additional $10 to calculate how much money to put down on the highest interest card each month. She added that this strategy is only salient if your job is secure and you have an emergency fund set aside. Otherwise, she said, cash accumulation is a better option to start with. Secondly, you should try to raise your FICO score to lower crushing interest rates. This can be accomplished by paying more than the minimum payment each m
