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
- 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.
- 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.
- 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.
- 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.
- 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.