Originally published March 26 2005
Money expert has advice for the young and deeply indebted
by Mike Adams, the Health Ranger, NaturalNews Editor
Suze Orman is interested in helping young people who are just graduating from college and find themselves deep in credit card debt. Thus, she has written a book, titled "The Money Book for the Young Fabulous & Broke," that helps young adults become financially sound. The book is designed to help young adults get out of debt, get on their feet, and buy their first house. Once they are there, the rest is up to them.
If you answered yes to any of these questions, you're likely young, fabulous and broke, or YF&B, as financial pundit Suze Orman puts it.
Suze Orman, author and host of a personal finance show on CNBC, will be the featured guest on "Serious Money," the finance show produced by Seattle public television station KCTS.
In her usual passionate tone, Orman counsels how to consolidate student loans, how to squeeze a bit more money out of your paycheck if you're making just enough to get by, how to deal practically with credit-card debt, how to shop for a new or used car, what type of auto insurance to purchase and how to focus on getting the right job.
Question: You start the book off describing the importance of the FICO score.
It's a three-digit numeric value placed on you that determines every aspect of your financial life: the interest rates you pay, whether a landlord approves you, the insurance premium you pay.
Question: One of the most surprising points of this book is your suggestion to live on credit cards if you have a job you love but you're not making enough money to get by.
Anyone who uses credit ought to know what a credit score is.
And surveys show that most people do.
But many still don't know what information is used to come up with their credit scores, according to a new survey by the Consumer Federation of America and Fair Isaac Corp., developer of the FICO credit score used by most lenders to evaluate consumers looking for credit.
To help consumers learn more about credit scoring, the Consumer Federation of America and Fair Isaac have teamed up to produce a new brochure that is being distributed free by the federal government's Federal Citizen Information Center.
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