Suze Orman vs. Dave Ramsey

[disneysteve]

As I've posted before, since getting my iPhone, I've been listening to podcasts in the car. Two of the ones I listen to regularly are Dave Ramsey and Suze Orman. While most of their basic advice is similar, when it comes to debt, they are quite different and I sometimes find it difficult to listen to Suze Orman's show when she is "approving" callers who want to spend a bunch of money on something even though they have a fair amount of debt and especially when they want to borrow money to buy something. I think Dave Ramsey is a quite extreme in the debt department but I'm finding that Suze Orman is often too lax IMO. She recently had a show that was all about home purchases and she approved several people who I'm positive Dave Ramsey would have denied and I probably would have denied, too, even though I'm not nearly as extreme as him.

I don't really have a point here. Just making an observation.

[strigiformes]

I agree with you. Dave can be pretty hardline - although I tend to agree with him more often than with Suze. There's just no way some of the people that call her should hear that it's okay to do what they want to do. I would rather err on the side of caution when it comes to money.

I do like them both, though - is it wrong that I kinda enjoy hearing all the stories from the people that call in or write to these shows? Is that some sort of virtual-rubbernecking?

[disneysteve]

is it wrong that I kinda enjoy hearing all the stories from the people that call in or write to these shows? Is that some sort of virtual-rubbernecking?

Nope. That's the appeal of these shows. It is infotainment. And I know for a fact that some of the people who call Suze for the Can I Afford It? segment already know they can't afford it but just want to be on TV. A friend of ours called in a couple of years ago and she said just that. She knew she'd get denied but just did it for the heck of it.

[strigiformes]

[JoshuaHeckathorn]

I think the shows are really entertaining too, but sometimes Orman and Ramsey just make me want to gag. Orman talks to people like they're all financial idiots (yes, I know some of them are, but I wonder how much she spends on those horrendous vests?) and Ramsey is a smart guy, but I can't understand for the life of me why he often talks about credit cards like they're synonymous with debt. SO ANNOYING!

I've used credit cards ever since I was a kid and have never paid a red cent in interest. In return I've enjoyed the convenience and purchase protection that credit cards afford, and I've used rewards to pay for my honeymoon and various other vacations, not to mention all the cash back I've received over the years. Credit card debt is evil, but it really bugs me when the extremists talk about credit cards users like we're all in debt. Ridiculous.

[littleroc02us]

We should remember Dave Ramsey's background in order to understand his views. First of all is he is a devout christian which explains his views on money coming from scripture in the Bible. "The borrower is slave to the lender". Secondly, he did declare bankruptcy and I can understand what a pit that can leave in your stomach. I too had money issues when I was younger and it is a driving force in wanting to become and stay debt free. Suze Orman just bothers me altogether and I don't watch her anymore.

[EconoMutt]

Good or Bad, I just love listening to Suze Orman's "Can I Afford it Segment".
I always try to see if I would have approved them.

I don't always agree with Suze's conclusion that you rack up credit card debt because your Daddy didn't hug you enough.

I listen to Dave also. There are some good stories about people in debt and how they get out of debt. I like the fact he's not selling a magic get out of debt quick and easy system.

I don't agree that it is automatically bad if you use a credit card. I think sometimes it is necessary for us less than millionaire type.

[mrbraly]

I tend to lean more towards Dave Ramsey's view on debt. He takes a more no-nonsense approach to unnecessary spending, whereas Suze seems to justify spending that is not necessary. Bottom line- if you have a pile of debt, there should be no justification for going further in debt for discretionary spending. One aspect of Dave's philosophy that I don't necessarily agree with, is Dave's disregard for the credit score. IMO it is a necessary evil and if you have your finances and spending habits under control buying on a credit card and then paying it off monthly is fine.

[Snodog]

Suzy bothers me lately with her inconsistency. A few weeks ago a 67 year old guy called in wanting to spend 100k on civil war memorabilia. If I recall correctly he had about 1/2 million saved and his pension and SS covered more than all his expenses. And she DENIED HIM! Ridiculous if you ask me.

Another time in the "How am I doing" segment a caller in her early 40's called in wanting to retire in her mid 50's. Suzy told her to keep saving and working until she turned 67. Saving 3x what she needed as a "buffer". Now I agree that people need some sort of buffer due to variables but 3x? No way! I can't believe she gets paid for this. I'm starting to think she gets paid off by the big financial firms to give such advice.

Then other times she will approve someone that I think should be denied. Usually a younger person.

I don't watch Dave anymore because of his always trying to jam politics down my throat and his insistance that no one can use a credit card responsibly.

I'll stick with Howard Clark.

[jpg7n16]

I don't always agree with Suze's conclusion that you rack up credit card debt because your Daddy didn't hug you enough.

What? She seriously says that??? hahahah

I don't agree with that at all, under any circumstance.

[Ima saver]

I really like Clark Howard too!!

[Snodog]

I really like Clark Howard too!!

Nah, Howard Clark is much better!

[GREENBACK]

I look at both of them in the same way I look at infomercials for exercise and diet programs.....We really already know the answer to the questions we have but we have a faint sliver of hope that some "guru" is gonna provide an easy, magical and quick solution that gets us in shape, whether it be physically or financially. Here's news....it ain't going to happen until you address the problem in a disciplined and determined matter. Do we really need these people to make millions off this basic advice.

[maat55]

I lean heavily towards Dave's religious view on money as apposed to Suzies secular view point. I read one of her books that encouraged young adults to rack up CC debt to follow their dream.

But, IMO, it is usefull to get knowledge from someone you can associate with. Both have solid advice in most cases.