[andyjohnson0]

Losing orbital velocity via friction with the atmosphere is the main problem. The ISS orbits the earth at 7.7km/s [1].

Using some kind of active braking system ("retro rockets") before hitting the atmosphere might help, but its hard to imagine it being portable. You'd need fuel, pumps, guidance and control systems to run it. As you say, your suit becomes a spaceship.

Edit: I'm not sure whether collision with orbiting junk would be a significant risk. Most of it is very small, and as far as I know the chances of being hit only really rise if you spend a lot of time in orbit.

[1] http://www.esa.int/esaHS/ESA7YL0VMOC_iss_0.html