Suze Orman Takes You to 'The Money Class'

The financial adviser's new show on OWN helps viewers get out of debt.
5:16 | 01/09/12

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Transcript for Suze Orman Takes You to 'The Money Class'
USA today call Susie or warm and a one woman financial advice powerhouse. For tips on how to take control of your money can be found near number one best -- the money class. And she's here to talk about a brand new initiative this morning but first ABC's juju Chang took a trip to the mall was -- to find out. What people really know about the money they spend. -- -- Here at the Paramus mall in New Jersey so easy -- it is helping shoppers get over their holiday hangovers right. My parents. Raging against credit card debt and overspending. And it is famous for her ability to find secrets hidden in people's wallets oh my goodness pressure is on the part of that right wedding manufactured I don't -- -- this is credit or debit. -- -- -- -- Now no do you love me always there -- -- home. But now -- is turning her firepower to a different kind of card warning against the pitfalls -- debit cards especially prepaid debit cards. The fact that you can catch me if you don't have any credit -- you don't have a fight -- it's true. So I don't have a fight who's going to pay more for other things -- don't think it's a -- behind PM -- -- the size of cash we get credit for that so now it is supreme example of if you can't beat them join them. Susie format is launching her own prepaid debit card and I. Your true okay my job is to educate people what they're spending and -- -- -- they have left. Susie knows this debit card is putting her reputation on the line which is something she feels when he can't -- Juju Chang ABC news program. -- -- And Suzie Orman joins us analogy to -- it right at the end of the piece you are put your reputation on the line here tell -- about -- the reason that I think people. Think I'm putting my reputation on the line is now I have a financial product. So how can Susie Arnold endorse a financial product here's the schoolyard that's -- audience and I did not I paid for this whole thing obviously but I -- this -- from the bottom up. I just didn't find another card that I put my name -- I wanted to bring to America. A place that they could feel proud to bring their money home to an alternative to a bank where people knew that I was going to put there needs first and content -- -- an art. Getting even -- put people's needs first mentioned this show is not about -- so first of all let's talk about profits. So let's discuss their first second -- I hope I make money on this -- -- you -- I do. Because I make money on this card -- the three dollars a month that it's gonna cost you to have this -- I get to take that away I want -- -- that is better than cash this -- work like any debit card works where you have -- -- ucits. It's taken -- happen with this card everytime -- -- that you immediately get a text that says. I encourage you just spent fifty dollars you have a hundred dollars -- and that's the difference and every morning you wake up you get a text the difference is. This card is fully transparent. There are no hidden fees to use this card exactly like I tell you it will not cost you more than three -- there were no -- And you're saying that that you -- you reaction pledging not to increase the -- The whole goal of this card wasn't for me to make money although I'm sure people like to say well how much money does Suzie -- really -- The goal at this card was again to give people an alternative to -- sources that are out there today and other prepaid cards. That are charging exorbitant rates in my opinion. So the fact of the matter is if I half to raise fees to make this hard work. I'd rather just close this Karen good I'm not gonna do it that's not the call at this kind of all of this -- -- -- once. To give people an alternative to -- -- and I don't -- -- -- -- -- problem. This won't be the first debit card -- history that is going to share information with Trans Union one of the three major credit reporting -- out there. For the next eighteen to 24 months -- -- union is going to be looking at the information you have to opt in if you want to participate in this. All the information will be anonymous -- all be aggregated but they're going to look at this and say. Who -- debit -- generate a fight goes score. Our -- -- knock at the time it's come that we stop punishing people who are paid in cash. And rewarding people who are paying the minimum payment due every month on their credit -- great news let's also talk about your top three tips for getting people on death this year -- you're gonna be if you -- in debt at first you have to standing near truth get to recognize for the fact that here in debt Georgia can't -- just say. It's our right yet to stand in your truth. Then you have to really face it to -- -- you need to tell everybody now. I think credit card debt to stop asking me to go -- to eat and -- lobbies. -- the third thing you have to do its financial. A -- your credit cards from highest interest rate to lowest paid a minimum I'm all of them except for the highest interest rates are you pay as much as you -- on that and then keep rolling down the debt. Okay three good to chills that minutia of the money class wearing -- -- on on tonight chance to -- fifty. Thousand dollars everybody say you better tune it and we got a lot going. Let -- -- thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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