From Yahoo Finance: 2025-05-10 11:30:00

Suze Orman emphasizes understanding debt as crucial for financial health. “Good” debt builds future, “bad” debt satisfies present desires, like credit card debt with high interest rates. Orman advises strategic borrowing, like mortgages, student loans, or car loans. She warns against overextending with car loans, recommending paying off in three years.

For high-interest credit card debt, Orman suggests 0% balance transfers for good credit scores (680+). Lower scores face a structured plan: list cards by interest rate, commit to minimum payments, add 20%, apply to highest rate. Roll payments to next card until debt-free. Trending: retirement income calculators aid planning.

Read more: ‘There Is Good Debt And There Is Bad Debt’