Myths About Debt

Debt is something that we all struggle with. In fact, it is nearly impossible to go through life without getting into debt. However, there is still a lot of misinformation about debt.

Myth: You Are Responsible for Your Spouse’s Debt Once You Get Married

Fact: Marriage is the merging of two lives into one. That is why many people think that they will automatically be responsible for their spouse’s debt. However, you will not have to pay your spouse’s debts. The only way that you will be held responsible is if you have a joint debt with your spouse. You will also be held responsible if your name was put on a promissory note.

Myth: Retail Credit Cards Will Give You the Best Deal

Fact: Stores often try to get people to get a credit card by telling them about the good deals that they can get. However, it is important for you to always read the fine print. If you do not pay the entire balance, then you will end up paying a lot of money in interest.

Myth: All Debt Is Bad

Fact: There is a difference between good debt and bad debt. Small business loans, mortgages and some student loans are examples of good debt. These loans are taken out to help you improve your life. However, maxing out your credit card because you went on a shopping spree is an example of bad debt.

Myth: Bankruptcy Is the Only Option for Getting Out of Debt

Fact: Many people turn to 4 Pillars Victoria when they are in debt. They think that bankruptcy is the only option. However, there are many other ways that you can manage your debt. 4 Pillars Victoria can help you set up a debt management plan for you.

Call 4 Pillars Debt Consultants if you are struggling with debt.