Busted! Don’t Believe These Credit Myths!
Credit is a tool that, if used effectively, can help you maintain a high financial standing and meet your economic goals. However, the subject of credit is stigmatized due to the many misconceptions and misbeliefs that float around. As a result, many either dissuade themselves from using credit or believe these myths and use credit inappropriately. To help you steer clear of these misconceptions, Camali Services Inc. has debunked some of the most widely believed myths about credit.
Myth 1: It’s best to use your credit card as a debit card.
This a myth that many fall for. This exists because banks want you to use it for everyday spending so that you build up debt, and they can charge interest. At Camali Services Inc., we will show you how to use cash instead of credit, and in return saving you money.
Myth 2: You have zero or no interest on your credit.
There is no such thing as zero-interest. This myth exists due to misleading advertisements. There is 0% interest and it will only be 0% for a select period of time, any debt that remains at the end of this period will be affected by interest once the 0% interest period is over. Sometimes, this can even affect previously paid off debt from that period.
Myth 3: You should pay debt with debt.
Another mistake we’ve seen many people make is using debt to pay off their existing debt. An example of this would be using a credit card to pay another credit card or taking out a personal loan to pay off other debts you may have. Sometimes this strategy can increase your credit score due to your new increase in utilization. However it is not highly recommended because you still have the debt just in another place, so this is not an effective way of completely eliminating debt.
If you’re looking to steer clear of these myths, reach out to Camali Services Inc. As the best marketing firm offering direct sales for the debt settlement industry in Orlando, FL, we strive to get everyday people out of debt and fulfill their financial goals. We are a team of committed individuals and have assisted many clients in improving their financial standing. By opting to work with us, you’ll have access to some of the best financial solutions.
For a complete list of our services, please click here. If you have any questions about Camali Services Inc., we’d love to hear from you, please contact us here.