Suze Orman, WTF?!
I just found out about the Suze Orman prepaid debit card this morning (Wed 1/11/12) from reading some of my fellow bloggers and just couldn’t contain myself so I had to write this rant. Maybe I am jumping on a bandwagon and trying to get some mileage out of a trending topic. Maybe you have already heard about it or maybe not, but Money Cone does a nice job of reviewing the features of her Approved Card if you need to brush up on some details.
On the other hand, Philip Taylor at PT Money offers up a commentary on the card along with some interesting twitter banter. Finally, Andrea at So Over Debt, who despises Suze, offers a rant of her own in a way that only a 20-something could. Gotta love that younger generation!
Well, I don’t know that I need to add my 2 cents since the title says it all, but I have to wonder where Suze has been over the past six months!
Does Netflix ring a bell? How about Bank of America and debit card fees? Heck, even the Kardashians were smart enough to recognize that high fees on a debit card were a non-starter (never thought I would use Kardashian and smart in the same sentence). Even though a debit card fee of $3 is nowhere near the fees the famous sisters were going to charge, it is still more than what many would pay at any bank or credit union. So why bother?
I can only surmise that the idea of profits is clouding the judgement of someone in the Suze camp if not Suze herself.
If I Ever Deviate, Call Me Out
Just so we are clear: I am blogging on personal financial topics because I truly enjoy it and want to record my thoughts in real time. I am creating an online diary with some instructions so that my kids and anyone else might benefit from. Learn from my mistakes. See the struggles that I am going through.
I am also using the process to help keep me accountable. I want to improve my financial position and pay off debt. I certainly don’t mind getting a little bit of extra money on the side from blogging either, so you will see ads on this site. Ignore them if you want. I am using the money for paying off debt and giving some away! And if I ever get a really kick-butt offer for the site (say a cool million or two), I will sell! Just so you know up front.
My goal is to just be upfront, honest, and consistent as possible. I expect you to be the same way and respond to me accordingly. I have changed my position before and will do so again provided the argument is sound. I am just not sure that Suze Orman is doing justice to her message with this debit card. That’s all I’m saying.
BTW, I am on a golf trip in South Carolina next week. I will try to post on MWF and answer comments daily as always, but may be a little slow.
I am sure you have some comments about the whole topic, so let’s hear ’em.
PS–In case you are wondering, my kids tell me that in texting vernacular, WTF stands for “Why the Fees?”