Household Myths That May Be Costing You Money - Part II
Installment I of this two-part series debunked widely-held myths concerning items inside your Salem Oregon home. Now it's time to expose more money-costing beliefs dealing with credit cards, taxes, shopping, and insurance.
1. Carrying a balance on your credit card is a good thing.
While using your credit card is beneficial for your credit score, carrying an unpaid balance just means that you will have to pay interest on that balance each month. It's far better to save that money and buy something new for your Salem Oregon home--or for yourself, for that matter.
2. Using store credit cards will give you discounted prices and save you money.
Not always so. The APR on some store cards is sometimes more than double the average consumer credit card! You can check this out for a wide array of stores. Stores such as Macy's, Kohl's, and Sears are included on the site.
3. If you pay at least something toward my credit card debt, you're not late.
Wrong. Unless you pay at least the minimum payment amount on time, you're considered late and risk being reported to the credit bureau, and black marks on your credit record can damage your ability to borrow money, refinance your Salem Oregon home, get low insurance rates, or even get a job.
If you're married, you must file a joint tax return.
Not so. Normally to do so is more expensive, but in certain situations (such as substantial medical expenses incurred by the spouse with a lower income), filing separately may pay off financially.
1. Coupons worth 25 or 50 cents just aren't worth bothering with.
This may appear to be true, but they can turn into $1.00 or more worth of savings if you buy the item on sale and purchase at a store which doubles the value of coupons. Here is valuable information about coupons.
2. When it comes to holiday gift shopping, the earlier the better.
This may be a bad idea on two counts. Too often, gifts purchased prior to November 1st may not be returnable or exchangeable after Christmas. It also pays to remember that many stores have big sales and offer larger savings the closer the holiday approaches.
Everyone needs life insurance.
Not necessarily. Since the primary use of insurance is to protect your income, if on one depends on that income, you may not require it. Why pay premiums on something you don't really need?