New Credit Card Stratigy

Susie Ormans New Strategy:

Interesting point of view. Edited without the fluff or the why. Just do it. If she said it, you know, like she says stuff, firm and straight forward, and you trust her, and you know you do, then just do it without explanation. Ask why when you get your own planet.

Her theme: "Hope for the best, Prepare for the Worst."

"Pay the minimum due on your credit card balance and instead make it your top priority to build as much of an emergency cash fund as you can. Why? Rising unemployment. Having a big emergency cash fund is vital."

"The credit card industry is taking actions to protect themselves with no regard to your needs or how good you have been in paying your bills on time. The problem is that most credit card companies are either reducing your credit limits, revoking your credit cards all together, raising your interest rates and are even paying you to close down your account."

"Here is the problem. If you do not have a stash of cash and you have been using all your extra money to pay down your credit card debt and they keep closing your cards down- what are you going to live on if you lose your job?"

"Action Step: If you do not have an emergency savings account that can cover up to at least eight months of living expenses, you need to get very serious about funding that account ASAP."

"To come up with the money for your savings fund, I want you to just pay the minimum on your credit cards, nothing more."

"She wants to be very clear: She still believe getting out of credit card debt and making sure your FICO score is as high as possible is incredibly important. For those of you with a fully-funded emergency account please make it a priority to pay off any credit card balances as soon as possible. Her new advice is solely for those of you who do not have an emergency savings account, or too small of an account. The single most important ACTION to take in this severe recession is to build savings so you and your family will have money to cover your basic necessities if you no longer have an income coming in. As you have heard me say before: Hope for the best, Prepare for the Worst. And right now we all need to be redoubling our preparation efforts."

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"Here is your financial saying to help you: I am a warrior and I am not going to turn my back on the battlefield.”