Money Mistakes You Can't Afford to Make

By Suze Orman

BEFORE YOU CO-SIGN ON A LOAN

You won't hear me argue against the fact that helping family or friends who are in need is an act of grace. You will, however, hear me argue against co-signing a loan and/or lending them money if you can't afford to do so. No matter how wonderful your intentions are or how desperate someone is, you must think twice about co-signing a loan because my advice is to never co-sign a loan.

Workbook: Click here for Suze's Interactive Before You Co-Sign On a Loan Workbook.

Video: Watch Sibylla confess her co-signing drama.

Tools: Click here for Suze's List of 5 Things to Consider Before You Lend Money.
Click here for Suze’s Financial Interventions for Those You Love.

Download: Click here to Download Sibylla's Action Plan.

Money Lesson: Financial mistakes hurt nobody but you. Remember, money decisions are not emotional decisions. They are financial decisions.

Published 02/06/2012

Money Mistakes You Can't Afford to Make

By Suze Orman

PRIVATE VS. GOVERNMENT STUDENT LOANS

The challenge of paying back your student loans is very real and can be very confusing. But the one thing that is for certain is you have to pay them back so it’s important to understand the type of loan you have.

Workbook: Click here for Suze's Interactive Student Loans Workbook.

Video: Watch Britney and Rajeev reveal their money mistakes.

Tools: Click here for Suze’s Scoop: Repaying Student Loans: What You Need To Know

Tools: For more info on 529 and college saving loans, visit Savingforcollege.com

Money Lesson: Never defer payment on student loans. Student loan debt is the most dangerous debt of all as they can garnish everything from your wages to your Social Security income.

HOW TO CLIMB OUT OF DEBT

Debt is like cholesterol. There's a good kind and a bad kind. Knowing the difference—and managing both wisely—is the key to financial well-being. Many people want to find a fast way to get their debt under control. But quick fixes such as a debt settlement plan don't address the long-term issues. The three things you need to do are: 1. Address the real problem. 2. Don't move the problem around. 3. Adjust your attitude toward spending.

Video: Watch Suze teach Diana how to climb out of debt and come out on top!

Tools: Suze’s Tips and Tools on How to Pay Off Debt:
Click here for Suze’s Financial Advice on how to pay off debt
Click to see Suze show you the difference between Good and Bad debt.
Click here for Suze’s 10 Tips for a Fresh Financial Start.
Click here for Suze’s Monthly Expense Budget Calculator.

Download: Click here to Download Diana's Debt Action Plan.

Money Lesson: If you are drowning in credit card debt, consider calling your credit card companies and negotiating a lump sum payment at a reduced rate.

PRE-PAID DEBIT CARDS

The way our economy works, you can't easily make do paying cash for everything. It's not safe to walk around with large sums of cash, and plastic makes online purchases a breeze. I am a big supporter of debit cards over credit cards. With a debit card you avoid the risk of running up an unpaid balance. But a debit card only makes sense if it charges you very low fees. And the sad truth is many pre-paid debit cards can be very expensive.

Video: Watch Suze explain the traps of pre-paid debit cards.

Tools: Click here to Contact The Three Credit Bureaus.
Click here for Suze's How To get A Free Credit Report.
Click here to get Your FICO Score.

For more information on Suze Orman's "Approved Card," and to find out how to enroll, click here.

ACTION PLAN

Download: Click here to Download Episode 5 Action Plan.

Video: Deleted Scenes:

Taxes on a Foreclosed Home

Never Invest Money You Need Prior to 3-5 Years

For Canadian Viewers

This information is for discussion purposes only. It is speculative and based on assumptions that may not be correct or complete. OWN: Oprah Winfrey Network and its affiliated entities and Suze Orman and her affiliated entities do not represent or warrant its accuracy. This is not a legally binding commitment and OWN: Oprah Winfrey Network and its affiliated entities and Suze Orman and her affiliated entities shall have no liability, and disclaim all direct, indirect, consequential, punitive or other damages, for the use of, or reliance on, this information.

Published 02/06/2012

Money Mistakes You Can't Afford to Make

Clips

Money Mistakes You Can't Afford to Make