there are a lot of things people might misunderstand about their finances
Dallas, TX (PRWEB) July 13, 2016
National Debt Relief recently shared in an article published June 11, 2016 some of the most common debt and financial myths consumers have been confused with for so many years. The article titled “6 Myths About Debt That Seriously Need to Die” looks into these myths and clears them up for people to understand them better.
The article points out that there are a lot of things people might misunderstand about their finances just like distinguishing good debts from bad debts. It is just like how a mortgage and student loans figure in the way consumers view debt. Both are considered good debts because they both contribute to increasing a person’s net worth but mismanaging them can quickly turn them into a bad debt.
One of the debt myths the article talked about in detail is how store cards are understood by consumers. Most people believe that they are harmless discount cards to their favorite stores. This might be true but what consumers fail to see are the staggering interest rates that are slapped on consumers once the miss payments on their purchases. This can quickly negate any coupons, additional savings or other generous offers made by the store on their cards.
Another myth the article points out is the one where people believe it is acceptable to take out a personal loan just to be able to put a downpayment on a house. If the price of the home is out of reach, that alone should be a good enough reason to not buy it and taking out a loan to be able to get a loan spells trouble.
People also believe that the one credit score they have should be enough to base their financial standing. But the reality is that there are a lot of credit reporting bureaus and the scores could vary from one company to the next. There are about 50 different versions of a person’s credit score depending on what source of information are being used to calculate it at the time it is pulled.
To read the full article, click https://www.nationaldebtrelief.com/6-myths-debt-seriously-need-die/