Suze Orman says if there was ever a time to use your credit card, it's now - Business Insider

Right now, Orman thinks you should focus on keeping cash on hand for expenses you can't put on a credit card. Once you have a job and are bringing in income, you can look intoCredit card companies might lower credit limits like they did in 2008

Orman remembers when credit card issuers lowered customers' credit limits during the 2008 financial crisis. Many of the people she worked with at CNBC, where she hostedat the time, faced this problem. Their credit card companies slashed their credit limits to their amount of credit used. "Meaning if they had a $5,000 credit limit and they had charged up $3,000, their new limit was $3,000," Orman said. "So they couldn't charge anymore on their credit card."during the pandemic. But the assistance period is coming to an end for many people.

Orman worries if millions of people can't pay what they owe credit card issuers after the deferral period ends, then companies will decrease credit limits again. She thinks it's worth paying interest on your credit card balance to keep cash close in case companies lower credit limits again. Rather than use cash now and assume you can lean on your credit card later, you can use your credit card now and depend on cash later if your limit goes down., you may be the exception to Orman's advice about credit cards. You may have the means to rely on cash for months.

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