You're watching...
Ryan Mack, Optimum Capital Management president, weighs in on the backlash finance expert Suze Orman is receiving over her prepaid debit card.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
A few days ago we told you about the new approved prepaid debit card.
The personal finance expert and -- -- -- Suzie Orman is operating now she's one of the many celebrities -- endorsed prepaid cards in the past.
We talked about bashing and sisters Russell Simmons we've been critical of all well Susie is now on the attack calling one personal finance blogger.
An idiot for not liking her -- -- right.
Ryan Mack is the president of optimum capital management and author of living in the village a practical guide to financial success brands great to have you back on the show they demand what's what's interesting here is that -- long been a fan of -- Is arguably the say that I probably be a finance expert had not been this is the arm and have read almost all the books have been following -- an admirer of workers strategy it's been something we have always been inspired by us -- this -- disappointing nonetheless let's.
Look at some of the numbers you prick prepaid debit cards total number of fees and we're gonna rank and here.
American Express has at cart with one feet little Wayne discovery's -- -- the rush cart.
Seven Canada the favorite of yours Suzie -- card has twenty fees yes twenty fee is one of those three dollars a month just had the privilege of carrying the car you know ma right -- make of that.
Well essentially in this this is I think is money over principle.
She's been that strong advocate of mentioned a bit about the people are responsible and making sure they can.
Save up and build a credit didn't get back in this is in this cycle this debit card.
It's the one the I don't like the name of the car of the approved card every prepaid debit card it's automatically -- don't like the fact.
That is says -- build your credit that doesn't -- -- credit it's since information to Trans Union in that one maybe one or two years later they can figure out whether and that they can somehow tablet prepaid debit.
-- great how you spend your money in.
They're now Saxton and then that this is just the same mister Cranston -- this is just the same with some are trying to say that you can use your brokerage account established credit.
I don't like the fact that this somehow this Trans Union they they say that -- gives you can free credit axis you -- report.
And -- -- in your credit score is not a Frankel score -- a vantage score which is essentially like -- offering you to use beta as opposed a dvd player I mean those things out of date and these things essentially useless as far as vantage.
What happened here I used to her championing people who are trying to get their arms around their money yeah -- did pay off their debt in here she is.
Is she making a lot of money off this you're offered a deal to have your M debit card you turned it down again I don't like them -- do you get offered a lot of -- -- -- -- this is.
This is money over principle I mean sometimes if you really stay true to principle on the principle -- -- mean most of these individuals who -- these cars and low income and have jacked up credit and since it's so what they're trying to do -- capital out about the fact that they're not really educated about how to really improve the credits -- someone -- low income and doesn't have good credit is not gonna pay.
But the two use a cart and all of a sudden turnaround say let me improve my credit know they gonna use this card.
To continue to be irresponsible.
So this caught essentially advocates -- father outlets -- individuals continue to stay out of the system.
Have messed up credit for as long as they can continue to find a way to get around the system not get a bank -- establish credit -- for the long -- to this -- take an expansion of low -- absolutely I mean every prepaid debit -- against -- there -- what I -- evidence of ignorance found evidence of ignorance is essentially individuals who don't know a lot about how to establish credit that's -- -- see little -- in town -- And Suzie -- now -- jumping on the bandwagon to essentially take evidence of ignorance and and take advantage of individuals we just don't know any better.
Let me tell you before we get out of this segment you've got to see that she's tweeting about this again and calling out people don't like the car -- and here's what she had to say we did see apple screen right now.
You.
I can see from -- too bad you chose to believe in an idiot over me.
You just keep following others and see where it gets you meant IV and this is one of many emails like this I -- I read the entire chain last night.
She's trying to defend yourself but it in the most aggressive in sort of nasty way I can imagine this -- -- I really doesn't sound.
Like in -- as far as what it's -- it's.
What she said really struck me she said it's only 2000 -- if you can't if I can teach you how to use this card essentially teach you how to make me more money how about instead of teach him how to use the card teach him how not to have to have become the first place this is the essence of financial literacy of fiscal responsibility.
So gonna -- was a champion of -- outside of say this she's taken money over principle -- she's dead wrong in this instance.
Brian fantastic they thanks for coming on Jen for having me -- -- will be right back.
