In a recent article on her website, Suze Orman discusses a change in her recommended credit card strategy. This is one of the things I like about Suze Orman – her suggestions change based on the economic situation, and she understands that financial advice varies person to person. The meat of her article is about how people with high credit card debt and not much savings shouldn’t work on paying off the debt and instead should pay the minimum and make it “top priority” to build up as much savings as possible. Why? Because the credit card companies don’t care about you, and with unemployment rising, it’s important that you have a way to protect yourself. You could get your card paid off, and then the company could close your account for no reason. Should you then lose your job, you suddenly don’t have a way to pay your bills.
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