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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Favorite Suze Orman Quotes regarding Money

Suze OrmanFinancial guru Suze Orman is a trusted authority on all kinds of personal money matters. Her books, newspaper articles and television shows offer words of wisdom to anyone seeking advice on financial issues. Here’s just a small selection of her famous quotes.

1. A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.

Financial insecurity makes you vulnerable even to minor life events. Something as small as a broken boiler can send you into a spiral of debt for years to come. Having financial freedom means not having to worry about such things.

2. If you have debt I'm willing to bet that general clutter is a problem for you too.

Managing your finances is similar to organizing your house. It is easier to control you debt once you know exactly how much you owe and to whom.

3. In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential. It's no different in the financial realm.

Making money sometimes requires you to take calculated risks. Fortune favors the brave.

4. Many people are in the dark when it comes to money, and I'm going to turn on the lights.

Video: Don't Make Rash Financial Decisions in Response to the Stock Market

Some people think that they don’t understand money. Once you learn the basics, it’s no longer a mystery. Even the most complicated subjects can be explained in clear, uncomplicated terms.

5. Owning a home is a keystone of wealth... both financial affluence and emotional security.

A home is more than just a possession. It’s security. As a major asset, it can be used to secure a loan. But it also gives you a less tangible feeling of security, independent of its financial value.

6. People first, then money, then things.

Debt and affluence have one thing in common. They both have a way of making people forget what is truly important. It’s not about how much stuff you have. It’s about the people in your life.

7. When you undervalue who you are, the world will undervalue what you do and vice versa.

Do you project a positive image of yourself to the outside world? The people around you can pick up on the subconscious signals that you send out. If they see that you do not value yourself, they will not value you, either.

8. Opposites may attract, but I wouldn't put my money on a relationship of financial opposites.

Marriage is more than just a union of two souls. It’s a merger of two sets of finances. It’s important that both people can agree on long-term financial goals. If one of you is a saver and the other is a spender, there is a good chance that you will end up fighting over money.

9. Money is a topic that touches all races, all religions, all sexes, all ages, all tax brackets.

Being in debt can feel very lonely. You may think that you’re all alone, trying to cope with an avalanche of money problems. But money is universal. The rich have the same money as the poor, they just have more of it. Debt is universal, too.

10. True financial freedom is not only having money, but having power over that money as well.

It’s not enough just to have money. You have to know what to do with it. You cannot have true financial freedom without intelligent money management.

11. Each cent you apply toward diminishing your debt replenishes you.

If you can pay off some of your debt, do it. It will make you feel better. Even if it’s only a small amount, it’s a step towards your financial freedom.

12. If you show money the respect it deserves today, and carry it through in all your actions, then one day, when you can no longer take care of it, your money will take care of you.

Money management is a long-term undertaking. If you invest your earnings wisely, that money will be there for you when you can no longer work.

13. If shame, fear, or anger is at the wheel, then I can promise you, you are not on a course toward richness. By having the courage to face and overcome your inner obstacles, however, you will change the outer trappings of your financial life forever.

It’s hard to stay positive in the face of mounting debt. Do it anyway. Negative thoughts will not help you with your financial problems. They will only make them worse.

14. Be careful not to let the money you spend become a badge of your success.

Success is not measured in the number of things you can buy. If you start to equate purchases with achievement, then not being able to afford something will feel like failure.

Video: Can I Afford It? (Suze Orman)

15. Just because one of you earns the paycheck doesn’t mean that person should lord over how the money is handled.

Each member of the family fulfills a role. If you are the breadwinner, this does not automatically entitle you to also be the banker.

16. We never had it as rough as the kids have it today. Look at the price of a gallon of gas or a piece of real estate or a college education.

The economic climate today is unlike anything faced by the previous generation. It’s too easy to fall into debt. These new challenges require a new approach to personal finance.

17. There’s nothing wrong with saying, “I want to have more,” “I want to be more,” “I did this for money.”

Money is not something dirty. Everyone uses money. There is nothing wrong with wanting to earn money, then using that money to buy things.

18. Financial freedom is our birthright, rather than the “slave walk” of the Monday through Friday grind.

Everyone is entitled to financial freedom, even if it doesn’t always feel like it.

19. It’s better to do nothing with your money than something you don’t understand.

They say that a fool and his money are easily parted. If you’re going to invest, make sure that you know what you are doing. Otherwise, you would be better off just keeping the money in the bank. It’s easier to lose money than to make it.

20. Be aware of the language of poverty as it's spoken around you; "I don't care about money; I don't understand it; I'll never get out of debt." This is the language that will keep you poor.

Poverty is more than just a financial state. It’s a state of mind. Negative thinking leads to negative bank balances.