{"id":311,"date":"2017-01-27T01:57:18","date_gmt":"2017-01-27T01:57:18","guid":{"rendered":"http:\/\/www.bgrfinancialcoaching.com\/?p=311"},"modified":"2017-05-17T13:48:24","modified_gmt":"2017-05-17T13:48:24","slug":"5-myths-debt","status":"publish","type":"post","link":"http:\/\/www.bgrfinancialcoaching.com\/index.php\/2017\/01\/27\/5-myths-debt\/","title":{"rendered":"5 Myths about Debt"},"content":{"rendered":"

\"\"A Myth<\/strong> as defined by Merriam-Webster Dictionary is: a popular belief or tradition that has grown up around something or someone; especially: one embodying the ideals and institutions of a society or segment of society. Guess what? This is exactly with the credit industry wants you to believe.<\/p>\n

Have you ever heard, \u201cif you tell a lie often enough, loudly enough and long enough that the myth will become accepted as the truth?\u201d<\/strong><\/em><\/p>\n

Let\u2019s get right to some myths and bust them, consider this a myth-buster exercise.<\/p>\n

\uf0d8 Myth 1:<\/strong> Car payments are a way of life, so expect to always have one.
\n\uf0d8 Truth:<\/strong> You can buy a used car with cash if you will just put a little money as side each month. Wealthy people rarely buy new cars and don\u2019t make monthly payments.<\/p>\n

\uf0d8 Myth 2:<\/strong> Taking out a 30-year mortgage is the smart way to buy a house.
\n\uf0d8 Truth:<\/strong> A 15-year mortgage will save you thousands of dollars in interest over the life of the loan for just a few hundred dollars a month more.<\/p>\n

\uf0d8 Myth 3:<\/strong> High income earners are wealthy.
\n\uf0d8 Truth:<\/strong> High income earners does not equal wealth, it\u2019s not what you make it\u2019s what you keep. Most high-income earners are also high consumers, therefore, having as much or more debt as a midrange income earner.<\/p>\n

\uf0d8 Myth 4:<\/strong> You can save a lot of money if you take out an adjustable rate or a Balloon mortgage if you will move within 5 years.
\n\uf0d8 Truth:<\/strong> The adjustable rate mortgage is designed to keep the lender from losing money if the prime lending rate goes up, your ARM will go up to protect the mortgage company.
\n\uf0d8 Myth 5:<\/strong> You need a credit card to make a hotel reservation or rent a car online or over the phone.
\n\uf0d8 Truth:<\/strong> A debit card does the same thing and if you use it as a credit card, you are afforded the same protections against fraudulent charges.<\/p>\n

Debt is one of the must marketed products in the country today, just look at the TV commercials, the kiosk set up in the airport and the clerk at most retail stores; they always ask if you would like to put it on your XXX card. It\u2019s so convenient that people don\u2019t even think about it\u2026until the bill comes in the mail. Do yourself a favor don’t buy into the Debt Myths, get on a budget and spend cash like your life depends on it, because it does.<\/p>\n

Boris G. Robinson is a Financial Coach and Business Coach with a passion for helping people get out of debt, build wealth and enjoy financial freedom.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Myth as defined by Merriam-Webster Dictionary is: a popular belief or tradition that has grown up around something or someone; especially: one embodying the ideals and institutions of a society or segment of society. Guess what? This is exactly<\/p>\n","protected":false},"author":1,"featured_media":313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_convertkit_post_meta":[],"footnotes":""},"categories":[2],"tags":[6,5],"class_list":["post-311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-life","tag-debt","tag-myth"],"yoast_head":"\n5 Myths about Debt - BGR Financial Coaching<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.bgrfinancialcoaching.com\/index.php\/2017\/01\/27\/5-myths-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Myths about Debt - BGR Financial Coaching\" \/>\n<meta property=\"og:description\" content=\"A Myth as defined by Merriam-Webster Dictionary is: a popular belief or tradition that has grown up around something or someone; especially: one embodying the ideals and institutions of a society or segment of society. 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