Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Suze Orman: Don’t put your retirement on a credit card

August 07, 2013 at 10:27 PM

As the economy slowly recovers, Americans are struggling to get out of credit card debt they amassed during tougher financial days.

The good news: the majority of people are paying their credit card bills on time. Recent data from the American Bankers Association shows that less than 2.5 percent of credit card accounts were 30 days late in the first quarter of 2013.

The bad news: they're amassing more debt. Outstanding credit card balances in the U.S. rose to $856 billion according to a study by the Federal Reserve Board.

Out of desperation to stay current, or to rid themselves of their debt, people are looking at their retirement accounts as a cash source. But Suze Orman says that's the biggest mistake you could make.


Read Full Article

Suze Orman: Don’t put your retirement on a credit card

Tag Cloud

50 over 50Auto Savings Bankcredit cardpaid vacationHDHP's are not badface your financial fearFederal Funds Rateinterest capitalizationshort term goal ETF'sLifestyleemployer funding HSAcan you afford itreduce monthly payment4 Must Have Documents Durable Power of Attorney for Health Carestay positiverequired disclosurepay more than minimumsecured cardJose Rodriguezdental insurance debt freechildren under 18Washingtonmaintain standard of livingritual scheduleage appropriate goalsfinancing car title insuranceSuze changed my lifeStudent DebtLong Term Care Insurance Forbes Top 10home ownershipadvice for college graduatesborrow each year, capitalization is going to pile up rolloverdebtdangerous retirement plangay marriage ban end Florida protect your familyNew american Dream unsubsidized Stafford loanmortgage interest tax deductionpush yourself to save more for retirementGiftsCommencementincrease emergency savingsdon't derail retirement savingsinsurance mistakeCredit Card Rate Increasepreexisting condition not coveredAshley Springerknow before you owedepreciating asset Credit scoreloan is giftpay down car loanfinancial independenceprotect loved ones home buying mistakeslower mortgage interestno sneaking in feescut monthly cable billpay down student loan debtwrite new goalFree Debt Eliminatorlong term goalmax benefit covered8 Rulesbecome member referrals 10 year repayment plan adult childrenalways use all paid time offfile asappowerfulconfidentincrease retirement contribution ratehealthy aging best loan deal 401KEasy Life Insurance housing marketInvest for savings growthdental discount planHDHP'sstudent loan repaymentmarriage inequalityallowancealternative FICO scorecost of capitalization calculatorbest interest ratesproperty taxorigination feesone annual feefinancial fearsHoliday Seasonwomen live longer20% down paymentconsider roth 401(k)automatic withdraw to savings 3% debt transferred not gender specific GiftFICO credit score credit card mortgageinitial tax break physical healthcouple financescollege studentcredit unionincrease retirement savingsdebit cardBankruptcyBeautyExhibitionUniversity of FloridaLong Term Care premiumscar loanPBS Specialspecial saving accountzero rate transfer dealsgrandparent IRA contribution 8 month emergency fundteensHDHP borrowing plan Fiscal Responsibilityquick closingcomparison shoppingMotheridentity fraudwaive home inspection bidallowance taskautomate student loan paymentsno retirement funds for down paymentescrowcollege graduatemental healthresponsible with moneyForbesAARPPhyllis Shelton expert long-term carebuy down teach importance of helping othersprescription tierstudent loan repayment planadd teenCollege of Veterinary Medicinepurely financial standpointsocial securityapproved medical 100% tax-freevalentines daymake saving a pleasureFinancial Awareness Video FestivalFinancial Awarenesstake actionMass MutualConventional loan PMIdon't blow tax refundultimate compounding giftone credit cardAmericans don't use all paid vacation timeUrbana-Champaignincentives for health care wellness screeningcontribution long term careannual cost of living adjustmentworst financial mistakeOne Wallet At A Timecreate new truthtraditional vs roth 401(k)premiumcharges on credit cardlower premiumbuying car 2016same-sex marriagelower overall drug costdangerous money seasontelevision hostearn allowanceget over life insurance phobiaFinal Goodbyefocus on needsMoney MarketSatisfyingRoth 401(k)adjust allocations home buying budgetopen enrollment review Communication Skills LTCdon't charge a pennyTelepicturesat worst still pay 75% benefitreal estate mistakesraise insurance deductibleFinancial Educatormoney vowsdon't extend mortgage get credit cardkids schedule paymentsemergency fund Goodbye20% equityCivil Rightslower ratesocial security never insolventlow down paymentbetter termsSuze Orman's Money Warssave 3 savings buckets keep a scheduleFRAPay Off Debt Before Retirementfinancial argumentsstretch out haircut appointmentsHSA tax savingsmortgagelong-term care not enough life insurancetax ID thefthealthy retirement blood pressurehigher insurance deductiblefraudulent returnsetup automatic savings withdrawgift grandchild IRA contributiondon't buy wantspaid in fullcalculate dependents annual income needsemotional stakesdo you need life insurancedeath benefit 20 to 25 times annual incomeuniversal college accesspay high rate off firstmarriage financial responsibilitydon't use allowance as bribeSuze is my biggest mentorroth iraHDHP's are good for youstore credit cardssame sex marriage band end Floridacar leasingsummer job match income closing disclosuremultiple lendersbe good exampledon't do five year car loanlive below your meansswitch to roth 401(k)under 18 financial gift2015 record year car salesloan no longer than 36monthsGracegift not loanpositivedoctor no longer in networkLoveavoid burn outhome insuranceAmy Lacyet2016 adjust withholdingUS Tax CodeChanging Livespay 100% cashfinancial concernlife insurance name trust as beneficiarycredit managementdon't spend budgetCNBC2016 adjust estimated taxTeachcompare monthly expensesSandy Hook Elementary School15-year refinance dealplanmax employer matched 401(k) contributionclosing costs 2% of loanletter to suzebuy homebuy home you can affordno interestUniversity of Illinoisno waiting periodretirementloan big picture Mortgage Credit Availability Indexpublic service loan forgiveness programget health insurancepay credit debt ASAP8 month safety netteens and moneylearn good financial choicesresponsibleconfident of solutionMarlo Thomasbig results The Suze Orman ShowSelectQuote.comspeak new goalteach your child good money habitsdon't ignore open enrollmentmoney-aware childdo not pay allowance for good behaviorbreakdown projected monthly housing costmanage student loansStudent Debt Crisis401(k) Contributionsfull retirement agewomen long term careRevocable Living Trustis it kind?community college6 month waiting periodprovider of financial supportSuze Orman spouse Kathy Travissave money20% down payment avoid feesfinancial goal phraseCiti Simplicity Card Alarm Clockenjoy saving automatic paymenttaxesterm life insurancestandard deduction social workovercome financial fearsretirement accountsNew York Lifehigh FICO scoreback door Roth IRA3 bucket approachRetirement Incomestandard ratehome budget after tax costEric Dodge mobile apploved ones dependent on incomeschool no private loanSuze approvedshop online guaranteed level term policyonly refinance if it paysno life insurance financially irresponsibleCOLAFinancial Cliffderailed planstudentHolidayfour steps to retirement savings gift up to 14,000permanent life insuranceage appropriate choremonthly benefit president Obamabe true to yourselfcnbc alarm clockstudent loan repayment estimatorverify wellness screening and programswould you decline a bonusStaffords this year have a fixed 6.8% interest ratelet them have 50% controlno fee transferno tax on withdrawlsPost-Divorcebetter loan ratesoverspend on dining outpay interest while in schoolreal estate marketco-sign closing feesverify retirement plan with HR or plan sponsoroverspend on nights outitemized deductionFundsjanuary billscut monthly cellular billNewtowncar buying mistakesSuze Orman Scholarshipbetter loan deals10% donate to charitysidelinedlow-cost index mutual fundAccuQuote.comIRA contribution gifted moneyFinancialhigh deductible health care plangraduationheartacherising home pricespercentage of women widowed 75-84no late fee Financial Gift Cliffnegotiate points with bank or sellerLTC shoppingemployer offered life insurancemeet monthly anticipated salaryretirement planprotect dependent switch to spouse coverageGay CouplesGay RightsFinancial Solutions For Youwomen outlive menFICO Scoresuccess40% toward financial goalterm insurancedear suzeget the most out of social security yours, mine & oursAARP Social security calculatorCredit Card Interest Ratebuying a carlousy investmentfocus on new truth be kind to yourselfCory Bookernew carunexpected expenseno negativityWarner Bros Television Grouppoint cost offset by savingsStock InvestmentsFICO at least 720savings pleasureis it necessarymonthly dental insurance premiumthree year car loanMoneymortgage brokerLTCi ASAPEmployer Matched ContributionSuze OrmanrefinanceInterestSpendingFinancial Systembalance transfer costly insurance mistakeprotect and provide for minor child 3 step financial road mapForeclosurehome loan credit score below 740 bad retirement planningdon't defer interest paymentssocial security not going brokeFinancial Power of Attorneydon't cover cosmetic dentistryhighest possible benefitSave Us Moneyinterest on student loansignore 6 month grace period public service career student loan repayment doctors in networkbill paying prioritieshealthy retirement weightdeath benefit needs for familybad decisionsVeterinary SchoolCPI-Wnear historic lowsdream schoollong-term care premiumsdental savings planEmergency SavingsHeartback-to-school budgetvalue moneyrepay student loansYoung Adult women longer life spanis it true? rent vs buypay off debt19 years cash flow problemHoliday Shoppinglowest cost fund optionemergency fund savingshigh premiumslow credit scoreno splurge RichMost Influential Celebrities Listwives should be involved in retirementMoney-Savingsavingsreplace permanent life insurance with termcommitholiday spendingsecure creditFHA loan fees!00% tuition paidPersonal Financelife insurancekid borrow firstSandy Hook Promiseinsurance yearly reviewpercentage men widowed 75-84How To Build Creditraise deductiblesreduce interest ratesmall changes 2015 financial roadmapBaby Boomers20 year level term loan necessityAdequate Auto and Home Insurancepaying for collegeFinancial Advicecommunity bankretain separate credit cardsexercise reguarlyRetirement SavingsInfluentialscredit reportmax employee matchrequire chore in exchange for allowancefederal student loan deferment Long Term Care shoppinginsuranceiffy incomestudent loan debtfamily save at least $100 monthlyPrime Rate Rise 2015Prime Rate IncreaseSchool of Social WorkOverspendinggrandchild summer job IRA contributionInfluential Celebrityhome related tax break bonus mortgage disclosureoverspend on giftsis it necessary?Student LoanHDHP/HSAjuggle multiple financial goalsWall Streetleave a legacyonly offered while employed retirment savingscontribute household expenses

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2016 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel