Money issues can be complicated, frequently leading to confusion as a result of the many “urban myths” that are often taken as fact. Five of the most common myths about credit are explained in this financial fast facts video from the National Foundation for Credit Counseling
1. “Bankruptcy Wipes the Slate Clean, Leaving me Debt Free”
2. “As Long as I’m paying something toward my debt, I’ll remain in good standing”
3. “I don’t have any credit problems. so there is no reason for me to check my credit report”
4. “When cosigning a loan, I am not responsible for the debt”
5. “The credit card companies know what I can handle”
To help clear the confusion around these urban myths and provide useful resource material, the BBB has created Managing Credit – Made Simpler. It gives customized credit management guidance to different types of credit users based on their needs and perspectives. It also provides a clear set of guidelines that will help small business owners make wise decisions on small business credit cards and identify strategies to help them take charge of their small business’ financial situation.