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Very good article with quality information about some money myths.
http://online.wsj.com/article/SB1000...496637796.html
Borrowers too often fall prey to the conventional wisdom. And it can cost them.
By: Rachel Louise Ensign
Avoid debt if you can.
If you can't, borrow carefully and conservatively.
So the conventional wisdom goes. But if you follow it blindly, you may miss out on key nuances of dealing with debt.
For instance, consider store-brand credit cards. They often offer no-interest financing, and rewards on store-bought products. Sounds great. But did you know those attractive financing terms can come back to bite if you carry a balance after a promotional period?
Then there's mortgage debt. A big down payment may be a great way to steer clear of a huge home loan. But if you get the money for the down payment from relatives, lenders may scrutinize your financials closely.
As many people look to rebuild credit or land loans, it's crucial to know when the conventional wisdom makes sense—and when it doesn't. With that in mind, here are some top myths that consumers fall victim to when borrowing today.
Borrowers too often fall prey to the conventional wisdom. And it can cost them.
By: Rachel Louise Ensign
Avoid debt if you can.
If you can't, borrow carefully and conservatively.
So the conventional wisdom goes. But if you follow it blindly, you may miss out on key nuances of dealing with debt.
For instance, consider store-brand credit cards. They often offer no-interest financing, and rewards on store-bought products. Sounds great. But did you know those attractive financing terms can come back to bite if you carry a balance after a promotional period?
Then there's mortgage debt. A big down payment may be a great way to steer clear of a huge home loan. But if you get the money for the down payment from relatives, lenders may scrutinize your financials closely.
As many people look to rebuild credit or land loans, it's crucial to know when the conventional wisdom makes sense—and when it doesn't. With that in mind, here are some top myths that consumers fall victim to when borrowing today.