6 Debt Myths to Consider.

Earlier this week, Ray from the Financial Highway blog had a great list of his Top 6 Debt Myths that I thought I’d share on this rainy Saturday… well, it’s rainy where I am anyway.

1. Debt Is A Necessary Evil
2. Paying the Minimum Payment is Fine
3. I Can Borrow More Money to Pay Off My Debt
4. Takes Forever to Pay off a Debt
5. I’ll Just File Bankruptcy
6. Just a Few More Charges Will Not Hurt

Ray does a nice job of putting the spot light on the thinking (I won’t say “reasoning”) behind each myth, and why is isn’t true. And it’s always nice to see someone who is realistic about debt. For example, some people like to preach the no-debt lifestyle, even though it isn’t practical. Ray’s view is much like my own that some times debt (like student loans, and a mortgage) is necessary…. just don’t over do it.

• 2009, year in review.
• 3 Common Credit Myths Exposed!
• How To Negotiate Credit Card Debt.
• 12 Costly Necessities That Aren't.

• Getting Out of Debt Quickly pt 4
• Linkworthy: Nickels, Dimes, and Roaches
• Simple Solutions to Staying Out of Debt
• The Income Divide - Two Sides...