{"id":1000,"date":"2022-11-23T23:52:40","date_gmt":"2022-11-23T23:52:40","guid":{"rendered":"https:\/\/www.lendnation.com\/5-money-myths-you-may-have-heard\/"},"modified":"2025-07-29T15:35:13","modified_gmt":"2025-07-29T15:35:13","slug":"5-money-myths-you-may-have-heard","status":"publish","type":"post","link":"https:\/\/www.lendnation.com\/blog\/article\/5-money-myths-you-may-have-heard\/","title":{"rendered":"5 Money Myths You May Have Heard"},"content":{"rendered":"\n<article class=\"wp-block-group alignfull p-post-single is-layout-flow wp-block-group-is-layout-flow\">\n<header class=\"wp-block-group alignfull p-post-single-hero is-style-theme-subtle-light has-backgrounds-subtle-light-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:0;padding-right:0;padding-bottom:0;padding-left:0\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-80\"><\/div>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center l-container is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center has-global-padding is-layout-constrained wp-container-core-column-is-layout-1f86b309 wp-block-column-is-layout-constrained\" style=\"flex-basis:50%\">\n<div class=\"wp-block-group p-post-single-hero__content has-global-padding is-layout-constrained wp-container-core-group-is-layout-a4fd459e wp-block-group-is-layout-constrained\"><div style=\"text-transform:uppercase; margin-top:0;margin-bottom:var(--wp--preset--spacing--60);\" class=\"theme-color-secondary t-date wp-block-post-date\"><time datetime=\"2022-11-23T23:52:40+00:00\">November, 2022<\/time><\/div>\n\n<h1 class=\"wp-block-post-title has-display-x-large-font-size\">5 Money Myths You May Have Heard<\/h1>\n\n<div style=\"margin-top:var(--wp--preset--spacing--60);margin-bottom:0\" class=\"taxonomy-category wp-block-post-terms\"><a href=\"https:\/\/www.lendnation.com\/blog\/article\/category\/financial-tips\/\" rel=\"tag\" class=\"cat-item\"><i class=\"cat-item__color cat-item__color--teal\" aria-hidden=\"true\"><\/i><span class=\"cat-item__label\">Financial Tips<\/span><\/a><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center has-global-padding is-layout-constrained wp-container-core-column-is-layout-a209ae40 wp-block-column-is-layout-constrained\" style=\"flex-basis:50%\">\n<div class=\"wp-block-group p-post-single-hero__media has-global-padding is-content-justification-center is-layout-constrained wp-container-core-group-is-layout-587a7eb1 wp-block-group-is-layout-constrained\"><figure style=\"margin-top:0;margin-bottom:0;\" class=\"is-style-image-featured s-aspect-ratio-1-1 wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg 3538w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?resize=300,200 300w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?resize=768,512 768w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?resize=1024,683 1024w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?resize=1536,1024 1536w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?resize=2048,1366 2048w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2022\/11\/money-myths-1.jpg?resize=1619,1080 1619w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-80\"><\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-group p-post-single-body has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-80\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-money-myths-debunked\"><strong>5 Money Myths Debunked<\/strong><\/h2>\n\n\n\n<p>Everyone has an opinion about how you should manage your money, but many of the common financial tips out there are outdated or just plain wrong. Following the wrong advice can cause problems with your finances, which is why we\u2019ve addressed some of the most common personal finance myths. Let us help you get your facts straight about credit cards, debt, savings and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-myth-1-avoid-credit-cards\"><strong>Myth #1: Avoid Credit Cards<\/strong><\/h3>\n\n\n\n<p>Plenty of people are afraid of credit cards, and for good reason: credit cards make it easy to rack up debt. However, if you use them responsibly, cards can be a great tool to manage your money. If you\u2019re wondering if you should get a credit card, here are a few tips. Leaving a balance on your credit card can cause interest to build up quickly. But, as long as you\u2019re making <a href=\"https:\/\/www.lendnation.com\/blog\/article\/how-to-avoid-late-fees-and-penalties\">payments on-time<\/a>&nbsp; and only spending what you can afford, it\u2019s worth it to have at least one credit card. Keeping up with your payments increases your credit score, which gets you better loan terms, insurance discounts and <a href=\"https:\/\/resources.additionfi.com\/credit-debt-myths\">lower interest rates<\/a>.<sup>1<\/sup> Most credit cards also offer rewards programs that let you redeem points for cash or other reward options. Just keep an eye on your budget to avoid being surprised with a large amount due at the end of the month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-myth-2-i-don-t-make-enough-money-to-save\"><strong>Myth #2: I Don\u2019t Make Enough Money to Save<\/strong><\/h3>\n\n\n\n<p>If you\u2019re behind on your rent and utility payments because you don\u2019t have enough in your bank account, this may be true. However, if you can put even a small amount into a savings or retirement account, it\u2019s worth it. Here\u2019s how to save, even if you don\u2019t think you make enough. If you don\u2019t have a <a href=\"https:\/\/www.lendnation.com\/blog\/article\/budget-steps-to-take-in-2022\">budget<\/a>, start by making one. Set aside a section of your budget for savings and get that money moved to a separate account as soon as your paycheck is deposited. You will not be tempted to spend what you don\u2019t see in your account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-myth-3-debt-is-normal\"><strong>Myth #3: Debt Is Normal<\/strong><\/h3>\n\n\n\n<p>Is debt normal? Unfortunately, two out of three Americans are in <a href=\"https:\/\/www.statista.com\/topics\/1203\/personal-debt\">debt<\/a>.<sup>2<\/sup> Although debt is common, it shouldn\u2019t be normalized or encouraged. While some people believe in \u201cgood debt\u201d like student loans or mortgages, most debt, like credit card debt, carries high interest rates and hurts your credit score. Having debt keeps you from building wealth and meeting your goals. Not only that, owing money is stressful and can take a toll on your mental health.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-myth-4-you-should-carry-a-balance-on-your-credit-card\"><strong>Myth #4: You Should Carry a Balance on Your Credit Card<\/strong><\/h3>\n\n\n\n<p>One widely spread money myth is that keeping a balance on your credit card every month will improve your <a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/credit-score-does-carrying-a-balance-help\">credit score<\/a><sup>3<\/sup>, but it does the opposite. The truth is that paying off your credit card in full each month is the best way to build a good credit score. It also saves you money because you\u2019ll avoid having to pay interest fees. Payment history is the <a href=\"https:\/\/www.lendnation.com\/blog\/article\/5-ways-to-improve-your-credit-score\">biggest factor to your credit score<\/a>, so if you want to improve your credit, focus on making regular, on-time payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-myth-5-getting-a-loan-is-a-bad-idea\"><strong>Myth #5: Getting a Loan Is a Bad Idea<\/strong><\/h3>\n\n\n\n<p>Depending on how fast you need the cash, taking out a loan isn\u2019t always a bad idea. For example, if you have an unexpected medical bill or need to replace your car tires quickly, a payday loan could be a good short-term plan during a stressful time, if you make sure to pay it back when you get your next paycheck.<\/p>\n\n\n\n<p>There is also the belief that online loans are not safe. However, this couldn&#8217;t be further from the truth when dealing with reputable lenders. Direct lenders like LendNation use advanced security measures such as SSL encryption to protect personal and financial information. Furthermore, LendNation adheres to strict privacy policies and are regulated by federal and state laws, ensuring that your data is handled securely and confidentially. By choosing a trusted lender and verifying their credentials, borrowers can confidently navigate the process of obtaining an <a href=\"https:\/\/www.lendnation.com\/blog\/article\/are-online-loans-safe\/\">online loan<\/a> without compromising their security.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-get-a-lendnation-loan\"><strong>How to Get a LendNation Loan<\/strong><\/h2>\n\n\n\n<p>Let LendNation help you through an emergency with a number of different products to fit your needs including a cash advance, installment loan, payday loan or even a title loan if you own your own car. Stop by one of our <a href=\"https:\/\/www.lendnation.com\/location\/\">more than 300 locations<\/a> or start your <a href=\"https:\/\/www.lendnation.com\/MyAccount\/#!\/registration\">online application<\/a> for a loan today!<\/p>\n\n\n\n<p><strong>Resources<\/strong><a href=\"https:\/\/www.fidelity.com\/viewpoints\/personal-finance\/6-money-myths\"><\/a><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><a href=\"https:\/\/resources.additionfi.com\/credit-debt-myths\">https:\/\/resources.additionfi.com\/credit-debt-myths<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.statista.com\/topics\/1203\/personal-debt\/\">https:\/\/www.statista.com\/topics\/1203\/personal-debt\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/credit-score-does-carrying-a-balance-help\">https:\/\/www.nerdwallet.com\/article\/finance\/credit-score-does-carrying-a-balance-help<\/a><\/li>\n<\/ol>\n<\/div>\n\n\n\n<aside class=\"wp-block-group p-post-single-related 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outdated or wrong. Here are 5 money management myths busted that you may have heard.<\/p>\n","protected":false},"author":18,"featured_media":1001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[67],"tags":[158],"class_list":["post-1000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-tips","tag-money-myths-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Money Myths You May Have Heard - LendNation<\/title>\n<meta name=\"description\" content=\"Everyone has money management opinions, but many common financial tips are outdated or wrong. 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