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Suze's Recession Action Plan on Oprah

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MattH
Senior Contributor

Suze's Recession Action Plan on Oprah

 

Article

 

Much of it she has said before, as regulars here will know.

 

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1 REPLY 1
maggie88
Valued Member

Re: Suze's Recession Action Plan on Oprah

Oh but yesterday on the show she did say one thing that was not the same. Suze use to be a die hard for all of us to pay off our credit card balances. Well yesterday she said don't. 

 

STASH YOUR CASH

Pay some of the balance but not all of your balances.  If you pay off all your balances you don't leave nothing for yourself if you are surviving on unemployment and if you don't have that second income in the house.

 

Put some of of your money into an emergency fund, not for just 3 months, but for 8 months

 

Also if you pay credit cards balances down, this will give the credit card companies the opportunity to close your account. 

 

( That one was a bit confusing because I do this all the time. But one card did warn me if I don't use my cards they will either raise the interest or close the acccount. In fact capital one gives you the option to chose the higher interest rate or close the account.)

 

Also Suze mentioned the Stimulus  - "Make the Stimulus Work For You"

 

I didn't know this until I heard Suze mention that Obama has given a bill to reduce Cobra for those of us who are laid off.

Cobra is expensive, and if your living off of your unemployment, that's not enough to cover the $480 charge they want each month. I called my insurance and they said to wait until they send me more paper work and that the monthly payment would be $166.00 a month.  ( Thank you Suze)

 

My situation is more like the 67 old pastor and his wife that really got me to cry.

 

Folks like us cannot go and start life all over again. We're forced into early retirement whether we like it or not. We worry if we are going to have a roof over our heads in the months to come.  We're not sleeping at night, and my nerves are shot and so is my husband. Who is taking this really badly. He cannot eat, sleep and is severely depressed.   He goes out every day trying to get a job and comes home looking like a rag doll beaten up. At night I hear him crying,  

 

We did things right and we have to pay the price for what others did and it's unfair. But we can't sit here and cry in our milk of the could have been's and the should have beens. You have to turn the page and move on and come up with other ideas to survive.  We can survive and we will survive somehow.  Like the pastor said, it's not hte materialistic things in life that are important and your faith. As long as one has each other and maintains the faith ...you can survive.  Hey if I beat cancer not once, but twice, I can beat this darn recession too. 

 

Maggie

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