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SmartCredit.com President of Consumer Education John Ulzheimer on the problems with Suze Orman’s prepaid debit card and the card’s potential fees.
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Any financial advisor Suzie Orman and her new prepaid debit card which is loaded with me is facing growing criticism from both financial journalists and money experts.
Time magazine ranked mormons -- proof card number one in a new list.
Up eight celebrity endorsed financial products not to -- John Alzheimer is the president did break nation's credit dot com.
Giant rat I wasn't too surprised by the list I wanna ask you deny and I think this is an important question should Susie.
-- this -- shouldn't be off the market.
Well first -- thank you.
-- having this idiot on the show it here -- wanna be detractors sub species human prepaid card.
You know we are very very critical of the fee structure of the car -- -- card last year but they got something right.
They took it off the markets in thereafter.
I think it's time that missile -- should reconsider.
Pulling this car off the market.
And whether or not that's actually good thing I I called it -- or three weeks into 2012 not called this the -- PR move of the year so far.
Why so against this -- could see these says that the best thing since sliced bread it's gonna help you establish a credit score kept -- and well first off and most of that of hyperbole I have.
Not hurt her come coupled WiMax or logical coherent defense of this -- out of an eight calling people idiots are being critical -- -- it.
And be just saying things like you took -- I tell eighties it will only cost you three dollars a month.
We actually went through all of be highly criticized.
Prepaid debit cards ended on line by line comparison of the fees and her car -- house when he eased and that compares to such notable finance expert cards like.
-- -- -- -- The Alex Rodriguez -- and the Russell Simmons we don't brush cards that have fewer people look when you set -- feels like this.
It's essentially -- minefield that consumers have to navigate.
And then when they start hitting them it doesn't matter what the monthly fee is the fees in aggregate start to become very expensive especially relative to it properly managed checking out what the bank or credit -- You -- John you not only call on her to get rid of this card to deep six this card you're also saying that she should disclose her financial interest in this card.
Why should she do that and how much money do you think -- make an -- thing.
But it's.
Is -- is -- a very unique position she is widely regarded as the First Lady.
Personal finance experts out all right I'm being.
I'm not being over the top there I think we all know that her show's enormously.
Popular she's very well light.
I mean it that they the issue at best is she's made it very public -- put a million dollars of her money into this car.
I would like to see what she's gonna get out of it -- she's pushing it.
On her -- on -- labs are wherever she's gonna be pushing it I think it's fair.
If someone in her position is not only partially transparent but completion completely transparent then relative to -- financial interest Burkhardt like -- -- I don't think that's unreasonable at all well.
Now I read -- -- Chuck Jaffe right in this sat in CBS market watch said.
I don't know where -- advertising in advice ends in the advertising begins at I think that's a problem probably for consumers out there -- like.
When -- really you're just giving me advice that you're not that you're disinterested then and when you're actually promoting a product.
Yeah I and and what I read the article -- of what here's what I think is most interest and not necessarily just about.
The slew of articles that have been rated by reputable journalists in the field of consumer credit.
But the comments that consumers are adding at the bottom of those articles they are not only.
But largely negative relative to the car that they are nasty.
180 -- turn away from Suzie -- eight -- slap in the face.
By this particular card they if you watch the advice that they -- -- for so long from just every consumer -- Is stay away from the -- and now them now they have fifty the pied piper people are gonna byters because she says to buy it that's not why you should buy a product like -- All right we'll we appreciate your coming on I should say that we invited Bancorp bond that's the bank behind that the card.
-- to see what they had to say about it we did not hear back from them and will continue trying to get them on the show Jon thanks for your help tonight we appreciate it.
