Credit card companies are jacking up interest rates, lowering credit limits, and closing accounts - and people who have made timely payments are not exempt. So even if you pay off your balance - and that's tough when interest rates are insanely high - there's a good chance your credit limit will be slashed, and that will hurt your FICO score.
Suze Orman
Related You're talking about interest rates that are essentially credit card rates. You don't stand a chance... BRUCE CAPLIN Your credit score affects the interest rates you're offered on credit cards and loans, can be us... SUZE ORMAN It's a very serious negative item on your report, on par with a tax lien or a bankruptcy. You will d... MAXINE SWEET Many families are frustrated and overwhelmed by working hard only to see their debt grow instead of ... BILL HARDEKOPF Focus debt payments on the credit card, then the car, and then the student loans -- always pay your ... DOUG FLYNN If I'm going to be the nagging mother type, if you have a lot of debt, especially high-interest cred... KAY BELL Credit card interest payments are the dumbest money of all. HILL HARPER This is the worst time to miss a bill. Pay down any large credit card or other large revolving accou... CRAIG WATTS When you pay your bills off it brings your credit score up. KATRINA MITCHELL If you have a 19 percent credit card and you pay it off you make 19 percent on your money. If you ha... JANE BRYANT QUINN Call your credit-card company and see if they'll lower your interest rate on your debts. JANE BRYANT QUINN Lenders, including major credit companies as well as payday lenders, have taken over the traditional... BARBARA EHRENREICH [If you carry a balance, you should by all means use this low-rate environment to lower your finance... ROBERT MCKINLEY The most important loan to pay is your student loan. It's more important than your mortgage, car... SUZE ORMAN You don't realize how much you use your credit card not even to buy things. It's a card you ... ADAM CAROLLA Simply calling your credit card issuer and asking them to lower your interest rate may yield immedia... JEAN CHATZKY So, good advice is, if you're thinking about booking, use a credit card. In the event that the airli... BILL SUTHERLAND If you decide you need a secured card, use it to charge small items every month, then pay the balanc... JEAN CHATZKY No one anticipates divorce when they're exchanging vows, and it can be devastating emotionally a... JEAN CHATZKY If your bank took bailout money, take your money out of that bank and put it in a credit union. Cred... MICHAEL MOORE If you have a debt issue or credit card issue, start dealing with it. If you have a tax issue, don... HILL HARPER I recently came across this credit union: http://www.wrdcu.org that is affiliated with your organiza... JAMES BROOKS If you pay your credit card off every month, get a rewards card. One that gives you airline miles or... AARON PATZER People who calculated what they could afford when rates were 5.25 percent have realized their mortga... ANTHONY HSIEH They're pushing credit cards. They don't take Visa, but they do take American Express, or th... BILL JANKLOW You can take no credit for beauty at sixteen. But if you are beautiful at sixty, it will be your sou... MARIE STOPES When interest rates are high you want the average direction in which interest rates are moving to be... JOHN HULL I don't use a debit card. The safest thing is a credit card because you're using the bank... FRANK ABAGNALE Mark-to-market losses are not real loss. It's a notional loss. What we can monitor is the credit... CHANDA KOCHHAR You have two pages, that's the whole credit card agreement. The terms are clear and flat and eas... ELIZABETH WARREN If people mail their credit card payments from the mailbox at their house, the thief will steal the ... FRED HUBLER I generally encourage people to make good on debts when they have enough money to repay them. But on... SUZE ORMAN When you're sick, you present your medicare card, not your credit card. New Democrats will not stand... JACK LAYTON Even if interest rates weren't rising, home prices are very high relative to income. So, people are ... CELIA CHEN You have to be ... very careful with credit-card companies -- that they're not experiencing above-av... JAMES MCDERMOTT Some technology stocks are being cut because of concern that high oil prices and rising interest rat... SIMON CHAO High bankruptcy rates, increased credit card debt, and identity theft make it imperative that all of... RUBEN HINOJOSA It would be in your best interest to refinance your home loan right now, making good use of the low ... ZENG HAN JUN If you notice anything questionable, such as accounts you don't recognize, or payment disputes, deal... MAXINE SWEET Don't bother checking your credit report. Your lender will do that for you. Yeah, there might be a c... DAYANA YOCHIM A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalis... RON PAUL My question is how do they pay these credit card companies back. And that's not the credit card comp... KATHY ADAMS It's worse to lose your home than to miss a few credit card payments, frankly. GERRI DETWEILER Consumers are worrying about interest-rate risks, their high credit-card bills and the fact that the... HEATHER RIDOUT [Equity might have been the only thing preventing foreclosure a decade ago, said Hsieh, but these da... ANTHONY HSIEH Every person who pays off their credit card in full each month should be using a credit card that gi... BILL HARDEKOPF What Wall Street and credit card companies are doing is really not much different from what gangster... BERNIE SANDERS Overall we're in a very good situation; I don't think interest rates will be going up. Greenspan is ... GREGORY SMITH I strongly support extending current student loan interest rates and increasing the college tuition ... SCOTT HOWELL A good number will confirm the upward bias for interest rates and higher rates are a headwind for eq... HANS OLSEN Card rates are rising faster than the rise in general interest rates. JUSTIN MCHENRY To have transactions made on your web site via credit card, you must be PCI compliant. Businesses ma... KEVIN MITNICK A lot of people get a home equity loan and do it on their own, short of going to a credit counseling... FRITZ ELMENDORF Far too many people are signing up to become slaves to their credit card companies. CELSO CUKIERKORN If you don't have the money management skills yet, using a debit card will ensure you don't ... T. HARV EKER Mint's business model became, 'We'll go for free, and then we'll find these savings ... AARON PATZER The perception is that rates are going up, and people are lining up to buy homes because of that. It... CARL WEINBERG Of those planning to use additional credit in March, almost half were using it because they have to ... ALLEN GROMMET I think the Fed still has no other choice but still to raise rates. I know that there's some rumors ... MARC GABELLI You have to consider concerns about the economy and interest rates. The one time that bank stocks al... DIANE GLOSSMAN It is likely that in two weeks when the loan is due, they won't be able to afford to pay it off then... CHRISTOPHER PETERSON It takes an average of at least four months for consumers to pay off holiday credit-card debt. Makin... ELAINE WEISS Financial records are protected. We can't, by law, get your tax forms. To get personal credit histor... DON MACLEOD The bottom line is that credit-based spending remains incredibly strong. Debt levels continue to ris... ADENAAN HARDIEN There's always been a lot of information about your activities. Every phone number you dial, eve... BILL GATES As soon as you make mistakes, or you have an off year, even if it's not your fault as a quarterb... ELI MANNING Monetary policy is like juggling six balls... it is not 'interest rate up, interest rate down.... RAGHURAM RAJAN A good bond fund, like a high yield fund, has less credit risk and less interest rate risks -- and a... ERIC JACOBSON If you are not able to pay down the debt, that means that the federal government is in competition w... KENT CONRAD Sure, if you want your credit to be absolutely convenient, you would not select a credit freeze. But... BETH GIVENS There's a convenience fee for doing this ... as high as 3% right off the bat, just for taking the cr... FRANCOIS HECHINGER You stick a credit card in a machine, and you pay $3 or whatever it is to get cash - your own money. BILL JANKLOW You can still mail your payment in on Saturday, and new this year, you can pay by credit card on the... GARY BARBER If your ratings are high and there's money being made, you're allowed to be a perfectionist ... DAN HARMON It's one of the fundamental principles of the stock market: When interest rates go up, stocks go... ALEX BERENSON You want 21 percent risk free? Pay off your credit cards. ANDREW TOBIAS The greatest economic power might in fact remain in the hands of the Federal Reserve. Economists cre... ANDREW ROSS SORKIN The big question is: When will the term structure of interest rates change? That's the question ... RAY DALIO People are complacent about interest rates now. There is a risk that the emerging strength of the da... BILL EVANS And that's the one thing that people do not understand is that we have very low interest rates a... BEN QUAYLE Money is a poor man's credit card. MARSHALL MCLUHAN If you have a company that's merging with another in telecommunications or credit cards it pay... JOE RIDOUT When you shop online, wouldn't you like to sample the bouquet of wines, the aroma of cigars, or ... CHARLES PLATT It's hard to be a celebrity nowadays. It's not about your track record anymore. If you have ... JAMIE FOXX If you are worried about job security and do not have an adequate emergency fund (ideally eight mont... SUZE ORMAN Factory and labor utilization rates are too high. Companies will have to add inventory and they will... BOB ALLSBROOK It'll be transferred to your credit account readily, you may even get a credit report when you go ho... CHARLES WALTON People are a bit concerned with higher Treasury yields and the possibility that U.S. interest rates ... FLAVIO DATZ A three bureau unlimited access to your credit report and credit scores and that also gives you with... COLLEEN TUNNEY Even small cults are a serious cost on the world economy, to victims, their families, employers, fri... KEITH HENSON They might also give you your credit score. They'll give you free copies of your credit report every... LINDA SHERRY We have got this Damocles' sword of Standard and Poor's hanging over us, with the commitment... PHILIP HAMMOND If you paid down credit-card debt that would reduce the net value of your savings. KALMAN CHANY Getting to a higher spiritual level is like increasing your credit score. You get a lot more points ... LISA KLEYPAS If you are anticipating higher inflation and a rise in interest rates, it will slow down demand for ... HENK POTTS With more than half (52%) of study participants indicating that online account management services w... BONNY BROWN The Fed is a price fixer; it fixes the price of short-term credit. If there's an increase in demand ... PAUL KASRIEL Rate cuts may spur credit growth, however a government will have to keep a closer eye on it's inflat... SANJEEWA FERNANDO Your entire credit history -- both the good and the bad -- is contained in your credit report. BARBARA ANTHONY Higher interest rates are still a concern. My sense is that global growth should continue, but how q... FRANKI CHUNG
More Suze Orman
Credit card issuers and HELOC lenders are like fair-weather friends: They cozy up to you in good tim... SUZE ORMAN Take free money. No matter how in debt you are, if your employer offers a matching contribution on a... SUZE ORMAN Every portfolio benefits from bonds; they provide a cushion when the stock market hits a rough patch... SUZE ORMAN Owning a home is a keystone of wealth - both financial affluence and emotional security. SUZE ORMAN If you are worried about job security and do not have an adequate emergency fund (ideally eight mont... SUZE ORMAN I want to be clear here: It does not matter what you say in your will or trust; the beneficiary docu... SUZE ORMAN In January we start saving money, getting out of credit card debt, funding our retirement accounts, ... SUZE ORMAN I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to c... SUZE ORMAN The key to making money is to stay invested. SUZE ORMAN No one's ever achieved financial fitness with a January resolution that's abandoned by Febru... SUZE ORMAN The American dream is dead for the majority of America. SUZE ORMAN Recast your current problems into proactive goals. SUZE ORMAN I do not think I am successful just because I have money. I'm successful because I love who I am... SUZE ORMAN The foundation of a financial fresh start actually has nothing to do with money or specific financia... SUZE ORMAN Estate planning is an important and everlasting gift you can give your family. And setting up a smoo... SUZE ORMAN Look everywhere you can to cut a little bit from your expenses. It will all add up to a meaningful s... SUZE ORMAN When you lose something in your life, stop thinking it's a loss for you... it is a gift you have... SUZE ORMAN Every financial worry you want to banish and financial dream you want to achieve comes from taking t... SUZE ORMAN If there is anyone dependent on your income - parents, children, relatives - you need life insurance... SUZE ORMAN When you're happy you find pure joy in your life. There are no regrets in this state of happines... SUZE ORMAN It's impossible to map out a route to your destination if you don't know where you're st... SUZE ORMAN If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insu... SUZE ORMAN The only way you will ever permanently take control of your financial life is to dig deep and fix th... SUZE ORMAN When you are grateful - when you can see what you have - you unlock blessings to flow in your life. SUZE ORMAN A big part of financial freedom is having your heart and mind free from worry about the what-ifs of ... SUZE ORMAN People have got to learn: if they don't have cookies in the cookie jar, they can't eat cooki... SUZE ORMAN The way to build your savings is by spending less each month. 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SUZE ORMAN We tend to focus on assets and forget about debts. Financial security requires facing up to the big ... SUZE ORMAN Understand and accept the cycles of money. The setbacks you may have today or next year will not kee... SUZE ORMAN Never cosign a loan. Once you have cosigned, you cannot get out of it - even on your deathbed. SUZE ORMAN Your credit score affects the interest rates you're offered on credit cards and loans, can be us... SUZE ORMAN The most important loan to pay is your student loan. It's more important than your mortgage, car... SUZE ORMAN The new American dream is one of responsibility. What is the bottom-line number that you're goin... SUZE ORMAN It's better to do nothing with your money than something you don't understand. SUZE ORMAN The advantage of online banking is that you can pay bills superfast, and your account is automatical... SUZE ORMAN If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. Y... SUZE ORMAN It pays to be a fee fiend. SUZE ORMAN Prenups are so unromantic - a sign of distrust, not love. Time for a reality check, my friends. Firs... SUZE ORMAN We never had it as rough as the kids have it today. Look at the price of a gallon of gas or a piece ... SUZE ORMAN Cash - in savings accounts, short-term CDs or money market deposits - is great for an emergency fund... SUZE ORMAN Time is key to building your financial security. SUZE ORMAN Anything that gets people to think harder about their financial security and take some responsibilit... SUZE ORMAN The foundation of a financial fresh start actually has nothing to do with money or specific financia... SUZE ORMAN I love the Roth IRA. Tax-free income in retirement is a truly great deal. SUZE ORMAN You must trust yourself more than you trust others. Pay attention to your inner voice - it will tell... SUZE ORMAN Make it a priority to have at least eight months of living costs set aside in a federally insured ba... SUZE ORMAN Once your kids are grown and you know that you're completely healthy, consider canceling your li... SUZE ORMAN A revocable living trust allows your heirs to avoid probate entirely and keeps you in complete contr... SUZE ORMAN Money you know you need or want to spend in the next few years is savings. Money you keep handy for ... SUZE ORMAN It's easy to underestimate the real cost of home ownership. SUZE ORMAN Abundance is about being rich with or without money. SUZE ORMAN Each cent you apply toward diminishing your debt replenishes you. SUZE ORMAN When you give, give from the place of the heart because it is the right thing to do, not the easy th... SUZE ORMAN One journalist estimated my liquid net worth at $25 million. That's pretty close. My houses are ... SUZE ORMAN It wasn't until I stood in my truth and told everybody that I had $250,000 in credit card debt. ... 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money; I don't ... SUZE ORMAN While a reverse mortgage can indeed be a viable way to generate income, it is very important to unde... SUZE ORMAN A reverse mortgage is available to anyone who is at least 62 years old and owns a home outright, or ... SUZE ORMAN Learn how to prioritize all your debt. And did you know student loan debt is the most dangerous debt... SUZE ORMAN I generally encourage people to make good on debts when they have enough money to repay them. But on... SUZE ORMAN What I've learned is that the audience is constantly rotating. Just because it feels like I'... SUZE ORMAN Every time you overhear something hurtful, I want you to do something kind for someone else. SUZE ORMAN If you're going down the street and you're going the wrong way, remember - God permits U-tur... SUZE ORMAN Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to unders... SUZE ORMAN A wise woman knows how to summon her courage and do what is right, rather than what is easy. SUZE ORMAN Remember: If the IRS suspects you haven't reported income, it can challenge returns from the pas... SUZE ORMAN So many financial dreams are thwarted by the failure to act upon good intentions. SUZE ORMAN The prenup needs to be drawn up months before the wedding, not days - it's not something you sla... SUZE ORMAN Writing is hard work, not magic. It begins with deciding why you are writing and whom you are writin... SUZE ORMAN I have never been a fan of bond funds. Unlike a direct investment in an individual bond that you can... SUZE ORMAN It's fine to seek professional help, but I urge everyone - no matter how big their portfolio - t... SUZE ORMAN He stilled my room, for sure. SUZE ROTOLO Everybody is waiting for cooler weather--and I am just waiting for you--. (Bob Dylan in a letter) SUZE ROTOLO Physics investigates the essential nature of the world, and biology describes a local bump. Psycholo... WILLARD VAN ORMAN QUINE It is one of the consolations of philosophy that the benefit of showing how to dispense with a conce... WILLARD VAN ORMAN QUINE 'Ouch' is not independent of social training. One has only to prick a foreigner to appreciat... WILLARD VAN ORMAN QUINE To be is to be the value of a variable. WILLARD VAN ORMAN QUINE