Suze Orman: Paying Down Debt
on Thursday, July 22, 2021Suze Orman Money Quote saying it’s best to establish a rainy day fund than to pay down credit cards. Suze Orman said:
“I want to repeat advice I have been giving ever since the pandemic began: I would prefer you put your emergency fund ahead of paying down credit card debt. You must, must, must pay at least the minimum due on every credit card bill” — Suze Orman
Share the Suze Orman Money quote image above on your site:
Short Link to this Quote:
In this quote, Suze Orman is advising prioritizing an emergency fund over paying down credit card debt during the pandemic. Her reasoning is that having cash reserves is more important than paying off credit cards when there is so much economic uncertainty.
By maintaining an emergency fund that can cover essential expenses for several months, one protects against potential job loss, medical costs, or other unexpected expenses that could arise.
As long as minimum payments are made on credit cards to avoid late fees and interest charges, focusing first on building an emergency cushion provides greater security during unstable times