Tuesday, October 03, 2006
Conference Session and Photo: Suze Orman
I was able to talk with Suze Orman a bit before the session. She was very warm and friendly. We had to pull her away from talking with the people who came up to her so that she could begin the session.
Her main topic was credit card debt. She asked everyone with $5000 debt to stand up, then $10,000, then $20,000, then $50,000 and there were two women with that debt! She wanted us to count our mortgage debt with that, but I don't think anyone did, because there would be many more in debt and $300,000+ is not an unreasonable mortgage debt for California.
Anyway, she warned the young women that they would be seduced by credit card companies when they go to college, or before. And, at interest rates of 20% or more, they would be in such debt that they wouldn't be able to by a home or car.
She talked about credit ratings and how the number of credit cards, the amount of debt, and several seemingly unrelated factors hurt your chances of getting a loan of any type...small business, home mortgage, car loan, etc. She definitely had us older gals believing her and I hope the young women paid attention.
When I held up the 10-minute warning sign, she squinted and said, "What are you holding up there?" I told her it was the 10-minute warning and, after everyone groaned, she said she couldn't see without her glasses, but her friends tell her she looks better without her glasses. I gave her a good 10 minutes before holding up the 5-minute warning sign and we went through the same routine. But we managed to get her finished up and over to her book signing session on time. The speakers at this conference are not paid, so selling books is one way they justify the trip.