Financial tv show host Suze Orman is known for her hard-hitting advice against credit card debt, but during the pandemic, she changed. Nearly a year ago Orman said that anyone struggling during Covid-19 should use credit cards and try to save their extra cash. Since then her advice has not changed.
Readers should know that they should not go out and max out their credit cards because Orman gave them the green light, she was only referring to those that were experiencing trouble making ends meet. If you are one of the fortunate people that were not affected, then you should stay on the debt-free course.
“As much as I hate high-rate credit card debt, I hate the thought of your household being financially vulnerable even more,” Orman wrote.
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Sadly millions of Americans and people across the globe lost their jobs or lost income. Many financial experts think it will take over 5 years for the economy to recover and many more depending on your situation.
A $2000 stimulus check for most people will not replace their job. For small business owners, such as those that owned restaurants that closed overdue to coronavirus, are unlikely to recover in the near future.
Orman’s advice right now focuses on saving your cash and trying to set up or beef up an emergency fund. As a former financial advisor, I think her advice is spot on and shows a very human and realistic approach.
Many “financial gurus” are advising people to stay out of debt right now. Unfortunately, people that lost their jobs may not have a choice, even if they have a large emergency fund.
The reality is that the vaccines most likely will not solve the Covid-19 virus issues and new varieties are coming every day. Everyone should listen to Orman now and focus on building up an extra-large emergency cash fund for the next few years.