"If your company matches your 401(k) contribution, then no matter what, contribute to your 401(k) first. You put in a dollar, they put in 50 cents. It's an automatic 50 percent return on your money. You can't pass that up. I'd rather have the 50 percent than pay 32 percent interest on a credit card."

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If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.

— Suze Orman