| October 22, 2013

Football Myths versus Finance Myths

NFL fans may be superstitious, but not as much as people are about money

Fans of Super Bowl champs the Baltimore Ravens are the most superstitious of the NFL’s 32 teams. So declares a new study by KRC Research and Bud Light, the official beer sponsor of the National Football League.

Ravens fans have weird pregame rituals like wearing the same article of clothing and must watch the game with the same people. Then again, Jets fans feel they must occupy their lucky seat at every single game.

But they are not as superstitious or influenced by myths as people are about their money-which, by the way, often leads to overspending.

One of the biggest problems is how consumers treat their credit cards. Unfortunately, they’re not money; they don’t look like money or feel like money. And that’s actually a real problem. When you purchase an item with a credit card you don’t get that nauseating feeling of spending a large amount of cash.

It is such mentality that often gets people in financial trouble. Consolidated Credit has been helping people get out of debt for over 20 years and debunks some of the myths associated with credit cards and
credit card debt. Here are the biggest we’ve encountered in our 20 years of helping clients overcome problems with debt.

  1. Minimum payments are a responsible way to pay off debt. Wrong. In order to bring down debt balances, consumers might think that making minimum payments is responsible. But, doing so actually benefits the company, not you. Because you will be spending more on added interest, it maximizes the credit card company’s profits and keeps you in debt longer.
  2. Original interest rate cannot be restored once lost. Not so. In fact, the Credit CARD Act has set specific time periods where if you pay consistently, you are entitled to having your original rate restored.
  3. You can close your credit cards, no problem! Far from the truth. Closing old credit cards damages your credit score and puts a negative mark on your credit rating. It may decrease the amount of time you’ve used credit, which is a determining factor in credit scores.
  4. Collectors can call you anytime, anywhere, anyplace. No they can’t! The Fair Debt Collection Practices Act (FDCPA) in their guidelines, mandates that you can tell a collector when, where, how and at what time to contact you. It also limits calls to specific time ranges during the day and collectors cannot call on Sundays and Holidays.
  5. You must have good credit to consolidate. Only if you are trying to consolidate debt on your own. However, you can consolidate with a debt management program through a credit counseling agency regardless of your credit rating.

There are many misconceptions associated with money that lead to overspending and bad spending habits. To find out if the word on the street is gospel or myth, call Consolidated Credit to speak with a certified credit counselor.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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