How much do you really know about the ever-changing world of
credit and debt?
"Borrowers too often fall prey to the conventional
wisdom. And it can cost them."
Check out your knowledge with this article from The Wall
Street Journal by Rachel Ensign.
12 top myths:
1. Once you marry,
you're responsible for your spouse's debt.
2. Credit cards from
your favorite retailers are a good deal.
3. You're too rich
for federal student loans.
4. Dutifully paying
off your mortgage each month will do wonders for your credit score.
5. Money from a
family member makes an easy down payment on a home.
6. Today's tight
lending criteria apply to auto loans too.
7. If you agree to
separate your debt in a divorce, it's separate.
8. A high income and
credit score means you'll be pitched the lowest interest rates on credit cards.
9. If you've looked
up your credit score, you know your credit score. (You can’t just look up your
score, you have to pay for it!)
10. A late
credit-card payment will damage your credit.
11. All mortgage and
home-equity interest is deductible.
12. Buying a home
with cash is the best option, if you have the money.
BE SURE to check out The American Way of Debt graphic! How many times have we heard voters and members of Congress say that the government should operate within its means like households? Note that total household debt is $11.31 trillion! Also check out the info on "loan delinquencies."
BE SURE to check out The American Way of Debt graphic! How many times have we heard voters and members of Congress say that the government should operate within its means like households? Note that total household debt is $11.31 trillion! Also check out the info on "loan delinquencies."
Get the details at: http://online.wsj.com/article/SB10001424127887324445904578283521496637796.html?mod=WSJ_hpp_sections_personalfinance
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