Friday, December 11, 2009

Suze Orman recommends credit unions for credit cards

Suze Orman gave some good advice to consumers last night (Dec 10) on Larry King Live, the most important being that consumers should look to credit unions for credit cards. She recommended the following site "Card Analysis Solutions" (link) to track the behavior of various institutions with respect to their treatment of credit card customers. Suze said, the people who run this site know what they are doing!

There was an article about this site in Credit Union Times, here.

A Bank of America employee (first party collector) fired for not being tough enough with consumers gives a YouTube interview, in a Daily Finance story by Bruce Watson, here.

The picture presented is that banks are for profit, to make money any way they can, so it is easier to gouge people who are down already.

Suze Orman also suggested that interest rates need to go higher so that banks can find it profitable to make small business loans to entrepreneurs, and to strengthen the dollar and make more goods in the US.

She suggested that in a low interest environment seniors could look at fully insured general obligation bonds, or even carefully chosen conservative stocks paying dividends, like utilities.

She said that a person’s priorities should be “you as a person, your money, and only then our fame.”

She said that the recession has taught our culture a bitter lesson in living beyond its means, but that individually people were not at fault (does that make sense?)

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