Back in the day we had plenty of urban legends. We had the Bigfoot, Saskatchewan, Mikey that supposedly died eating pop rocks and soda and getting warts from frogs. The legend about tarantulas being dangerous, when actually they are just ugly. We also now we have urban legends of debt. There are many myth's that come along with money and debt. Here I will list some urban legends about debt.
Fiction: If you file for Bankruptcy you wash away everything you owe.
Fact: You can't wash away Student Loans, or child support, alimony and not even lawyer fees or certain lawsuits.
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Fiction: You take your debts to the grave with you.
Fact: Creditors will go after your estate. They will seek any monies left to beneficiaries and can take the debt before money is disbursed.
Fiction: To buy a home you need to put at least 20% down.
Fact: You can actually find lenders or programs that will do 100% financing or even 5%. Depending on your credit and financial status, however you may have to pay PMI (Private Mortgage Insurance)
Fiction: Thinking you can get a credit card, max it out and then file for Bankruptcy.
Fact: When you file for Bankruptcy, all of your purchases and accounts are researched thoroughly to weed out fraud. It is illegal to do this and you could be charged with fraud.
Fiction: Thinking you never have to check your credit report because you feel your credit is that good.
Fact: You may have kept good credit and been very responsible. That in no way means that there are no errors on your report or that your identity was stolen. You are entitled to one free credit report a year from the credit reporting agencies. Be sure to check yours for errors, if there are errors, take steps to have them corrected. It is a good idea to sign up for privacy assist if your financial institution offers this, that way you can track any changes to your credit report as they happen.
Fiction: Money brings happiness.
Fact: Money can make you happy by paying the bills and surviving. But some people will spend more money when the receive more money. Not to mention, money can be the root of all evil. Think about it. Are the Actors/Actresses really that happy?
Remember, budget wisely, take care of your debts, don't leave them to others after you are gone. And just think back at the facts and fictions of debt to avoid any hardships in the long run.
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