Cash myths: Bank cards, paying off balances, avoiding curiosity and saving

CHICAGO (WLS) – Are you making the right choice when it comes to choosing and using a credit card – or money in general? The I-Team reveals, according to a recent poll of “money myths” Loan tree.

Myth number 1:

Almost half (45%) of Americans believe that having some credit on their credit card will improve their credit score! The truth is, it has the potential to hurt you!

Myth number 2:

Thirty percent of people thought it was bad to use a credit card and it was better to use cash or a debit card to make payments. However, there is nothing wrong with using a credit card when you are withdrawing funds and avoiding interest.

In fact, using a credit card can provide the greatest protection when you need to contest a charge.

Myth number 3:

More than 20% of Americans believe that you don’t have to start saving for retirement until after you are 40 years old. However, experts say you should get to work right away, even if it is a small amount.

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