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Financial myths ... dispelled!

When it comes to your money, be careful whose advice you follow. There are plenty of myths and sales pitches sure to pick your pockets if you follow them. Here are five of the easiest-to-believe myths not to fall for.

Myth: The only way to make biweekly mortgage payments is to join your lender's program.
Fact: You don't need a third-party to get the benefit of making biweekly payments. There are several ways you can make an extra payment each year.

Do-it-yourself biweekly payments, Biweekly mortgage calculator

Myth: Refinancing a 30-year mortgage requires paying for another 30 years.
Fact: Some lenders may not offer early-repayment programs but you can always shorten your repayment period by paying extra on the principal each month or even annually.

Choose your own mortgage loan length, Mortgage calculator

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Myth: Credit repair services will erase bad credit.
Fact: There's no such thing as a magic eraser in the credit world. Neither you nor the credit repair service has the right to remove accurate information from your report.
Credit repair scams, Repairing your credit: Go it alone or hire a repair company?, 13 myths about credit reports
Myth: An expired warranty is an expired warranty.
Fact: Your just out-of-warranty new car needs a major repair? Before you pay for it, ask the car company for help. If you did your research and ask politely, dealers and car manufacturers might offer you a goodwill policy.
Warranty expired? It can't hurt to ask for a deal, Should you extend that auto warranty?
Myth: An heirloom diamond ring kept in a safe in the bank is FDIC insured.
Fact: FDIC guarantees up to $100,000, and even $250,000 for retirement accounts, but it does not extend to safe-deposit boxes.
Insurance and your safe-deposit box, Anything goes in a safe-deposit box


-- Posted: Posted: May 2, 2003




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