Get Your Money Right

Can Russell Simmons make debt consolidation hot? The music and fashion mogul is teaming with exuberant TV money guru Suze Orman for the latest incarnation of his Hip-Hop Summit - a six-city tour designed to teach young people how to manage their money.

The idea is to use star power - Eminem and "American Idol" winner Fantasia Barrino have signed on - to teach money lessons that Simmons and Orman say aren't being learned at home or in the schools.

"You can say the same thing over and over again until you're blue in the face, and it doesn't stick unless it's said in the proper language," Simmons told reporters Tuesday.

Simmons said the "summits" will focus on basic banking, understanding and fixing credit scores, managing assets, home ownership and car financing.

The tour, called Get Your Money Right, opens May 14 in Detroit. Events are planned for Washington D.C., Miami, St. Louis, Los Angeles and Chicago.

Orman, who hosts a show on CNBC and has written popular books on personal finance, said young people today are poorly equipped to handle their money.

"Listen to me: Nobody's getting their money right," she said. "Money crosses every race, every sex, every religion, every tax bracket. It is the foundation of your life, whether you want to believe it or not."

In 2003, Simmons introduced a prepaid Visa debit card in hopes of reaching the millions of Americans who don't have a bank account because they have bad credit or little money.

The Hip-Hop Summit Action Network (HSAN) is coordinating the Hip-Hop Summit Financial Empowerment National Tour to raise awareness among 18-35 year olds about the importance of building a solid financial foundation.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.