It isn’t always easy to spot misinformation because of the volume of money myths going around. Therefore, there’s no greater time than the present to debunk myths that have impacted how people use credit, save money, and make investments. In no particular order, here are ten of the most popular money myths!
The cost of credit is not exactly free, yet borrowers do save tons of money with prime interest rate loans. We’ve researched predictors of changes in prime rates and share that information to help you make sound financial decisions that will cost you the least money.
No two businesses are alike, and the same goes for their financing options. One common misconception is that unconventional borrowers should accept any loan for which they can qualify. But there are many other lending options from which to choose before making a loan commitment.
A good credit score is one of the most valuable tools in the box when it comes to financial management. In addition to providing purchasing power, credit is important since potential employers and landlords also take a look at it to make approval decisions. These are reasons Canadians should know their credit score and work to keep it as high as possible.
Consolidating credit card debt involves borrowing money at a lower interest rate to pay off credit card balances. This method makes managing money easier by creating a single payment each month. The added benefit is that the high interest credit cards go to a zero balance. This can boost the cardholder’s credit score if they are left open and unused.
The cost of health care for medical necessities is astronomical. Even people with medical insurance feel the pinch when they make co-pays or share the cost of prescriptions., but where there’s a will there’s a way. Finding financing for elective cosmetic procedures is a snap. If financing for an optional cosmetic procedure is the only choice, borrowers must make thoughtful decisions, starting with considering how much they can really afford to spend.
Although popular, not all cardholders or merchants know the differences between credit cards or their best use. Well over one billion credit cards exist in the U.S. alone and that’s why knowing the various types of cards and how to use them is equally important.
College is a confusing period of life, and it is quite easy to get carried away. While we do not suggest having fun, practicing a little financial restraint could go a long way in your financial success as adults. Here are some simple financial tips that will keep you ahead financially.
Prepaid debit cards are currently a staple in the financial sector, especially since more than 2 billion people are without bank accounts. Low credit scores mean credit card denials or, even worse, credit cards with abysmally high interest rates. That’s where prepaid cards come to the rescue.
We will now focus on what exactly we can do to either maintain our good credit score or get out of a bad situation. Note that not all debt is created equally, and precedence should be given to those debts that will have a hefty effect on you and which will cost you more to haul.