Suze Orman Bankruptcy Recommendations SummarizedBy Janet Peterson on April 17, 2010, 6:29 am Posted in Business News
Suze Orman explains that creditors are often the shove that causes a person to declare bankruptcy. They have the special ability of making a person panic. Unfortunately this panic can lead to bankruptcy. According to Orman bankruptcy is not the best solution.
Orman Says You Need To Be Determined To Start Over
Orman explains that many situations may put a person in a financial bind. There might be unexpected illnesses, a divorce, a loss of job or any of a number of other obstacles that have struck a person financially. Before entering into a bankruptcy she says that a person must be committed to starting over. She says that a person needs to have the goal of building a solid financial life. Orman says that this requires three steps: time, effort, and good money habits.
Susan Orman Says Bankruptcy Rides With You In The Future
Orman explains that if a person declares bankruptcy it will have a very negative impact on a credit score. Although some people feel this is not so important (they may not plan to buy a house or a car) what some do not realize is that this can also impact such things as a car insurance premium. Declaring bankruptcy will generally stay on a credit report for ten years. And, if a person decides to pay off a small creditor, who was an original filed in the bankruptcy, then this can start a cycle all over.
She Says Bankruptcy Is The Worst Choice To Make
Suze Orman explains that bankruptcy is the worst thing a person can do. Further, she says it should be avoided at all costs. Instead Orman suggests joining a consumer credit counseling agency. She explains that bankruptcy is always there poking you in the eye. If there is any other option, any alternative than bankruptcy, it should be researched before committing to bankruptcy.