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Optimum Capital Management President Ryan Mack on the flaws with Suze Orman’s defense of her prepaid debit card.
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Celebrity financial guru Suzy Orman firing back at critics of a prepaid debit card last night take a listen.
So you're not you'll prepaid college you have another detail qualify for this -- -- -- -- AJC's breaking -- -- please.
All this kind of -- what is the truth.
Prepaid cards were given a very very bad -- years ago and guess what they deserved it but for three dollars a month.
Now you get unlimited.
Credit scores we ports you get free identity theft protection you get everything for free these recorders that have gone.
-- -- -- -- -- -- But until -- we have Ryan Mack when the -- debit card critics he's the president of optimum capital management and the author of living in the village for you and I -- While not a reporter but I don't think I'm -- as of yet I mean the gonna -- feet on the -- might make -- loonie but.
I mean this at the end of the day of these whole things it really does drive to the heart of everything that she's against and every previous one -- -- before.
But now she gets this deal -- she says it is prepaid debit card is is so great.
Every service that's provided that she -- -- for free is already provided for free it's like.
-- -- he talks about free credit report yeah credit scores.
All that stuff you can get elsewhere for nothing -- credit karma that coming -- the same exact services for free.
Again this is not even attached to Michael Frankel is not even involved in this decision to pick it patchy credit scores cycle is not in the game though that the real movie does that impact credit scores -- -- advantage if they if they get it all -- might impact -- you know and then.
The connecting collecting data anonymously.
So I mean messing up her that is if you have anonymous data how that -- impact of ficus gore or at all or vantage score at all.
If you give -- give an anonymous -- this is a fact they can't track a deal exact happening now.
-- and -- we did some homework yeah you -- -- says -- many books yes he has written a -- of person -- -- very successful sellers from a big fan of -- I'm gonna have all the books it's so I think a lot of what she says makes a lot of -- re -- is contradicting herself -- let me -- you an example one of the -- she said in the past about prepaid debit -- she said.
I don't think prepaid cards are viable option exactly -- so how does that square with offering a prepaid debit card.
And another thing that she's also said in this in many of her books is when she's trying to advocate for fee advises vs commission advises you said don't use commission because they have an incentive to try to sell you something that they're profiting from.
Every single want -- before.
-- have a case secured cards advocating well as the best way to reestablish credit advocating credit unions.
Say that the prepaid that is not a viable option all of us and she gets this deal and -- can make money off this approved caught and now that prepaid debit cards even so scene and O network.
Giving advice as individuals should use that prepaid debit card this total hypocrisy this is a fallacy is totally false.
Only breed that -- you actually pulled this quote here do you she wrote do you think that commission based financial advisors never happened in the back of their mind exactly how much money they will make.
If you follow their suggestions and that's present from the money book for the young fabulous and broke.
Seemed to contradict exactly what she's doing now let me give you another one that I mean they just jacked up that the -- -- -- the -- -- books the very good -- she's given people -- save money.
Do the right thing build -- credit history.
But now all the all bets are off -- another example in my opinion.
No credit card securian -- -- of the car you're considering has -- take your business elsewhere now how does that square.
With that you know there's -- a lot of fees -- on the prepaid -- I could have gone on and on actually -- up with a whole lot more quotes -- that from a books they gave very sound advice and actually is it one of the -- latest look -- he had the money class.
Came out of 2011.
But it has said nothing about prepaid debit cards but the revised and updated version.
When -- after the G she got the deal all of a sudden says that these prepaid debit cards are now increasingly confident not a problem I had was when -- financial experts and make suggestions.
-- of what's popular.
I mean if that's the case and let's go in is popularly used credit card debt up to the otherwise it won't put yourself -- that its popular be financially dependent.
But we don't make suggests -- -- what's happened it would make suggestions often what's right and and and that -- period we have to be in question in terms of why she's promoting this car in the first place.
-- -- -- show folks is that you might have missed why we -- objections to this card in the first place let me show you the total number fees here and the list of fees on the -- card twenty.
The Russian cart has seventeen Green dot nine little -- discover seven annex.
And next one and you're seeing -- the actual.
C breakdown on the season card right there.
You know -- I come -- -- because this -- -- folks that's why it thinks this is that.
This is something that could be possible sale is Ryan -- awesome air for three dollars a month to two dollars and pick up in three dollars and -- for five dollars and if you -- -- You can -- air it's not any type of there this is -- from a cup.
It is a special type of growth what company you're up and have my picture on how right here that you're okay and a rubber bands and now have the British time.
That's a special listen now because -- had my picture on it you should be -- -- my cup for three dollars a month and make me rich I mean if you wanna -- Working class folks low income folks know more breathing live the American dream in brief the real quality -- think that you should be breathing Ryan you -- something else fasteners thanks for coming on today we really appreciate your time.
It's always a pleasure to have you here thank you.
