5 Money Myths That Could Cost You
by Michael on 08/08/10 at 11:07 am
Myths are basically things with no solid bases but people usually believe them to be true. Let me show you some similar kind of facts about money which are believed to be true although they are not.
1. Increase Income If You Want To Get Rid Of Debts
A general misconception is that you have to improve your earning circle if you really need to remove your debts. But in true sense you really don’t need such tricks to apply. Watch out your expense portion, cut it down as much as possible. Do some sacrifices of desires. It will lead you to pay off your debt at faster speed.
2. Avoid Credit Card Usage If Don’t Want To Bury In Debts
Credit Cards are not a very bad things in fact. The rectangular Plastic card can help you in real need. Until you skip out the due bill payments, It won’t hurt any way. Pay your monthly card bills in full or at least the minimum amount.
3. Don’t Have Enough Spare Amount to Start A Saving Account
You don’t need a huge amount of savings to open a saving account. You can open your account with a single Dollar or Pound. Make consistent deposits then your money will grow. You should use a saving calculator to estimate how much a change in interest rate affects your savings.
4. I Cannot Do Anything For My Bad Credit Score
Although it is true that your bad credit rating entry will last in your report for six years. but don’t think that it can not be changed ever. get your credit report copy, examine it thoroughly if any thing you assume to be wrong here. Consult the credit agency and rectify it.
5. Declare Bankruptcy As i Am Too Far In Debt
Bankruptcy is the ultimately last option to adopt. There are always ant way out like debt management plans, debt consolidation, debt settlement, Voluntary arrangements or debt relief orders etc. These all options are designed for such people who are just about to be declared as bankrupt. Use these plans before resorting to bankruptcy.
