Weve all done it.
Weve all bought something we couldnt afford or racked up a huge credit card debt.
Its because weve fallen in the trap of the following money myths, says financial adviser Glen James, host of theMy Millennial Money podcast.
Speaking toYour Money Live, he debunked the myths, saying theyare perpetuated by well-meaning family members or teachers but can lead to some poor financial decisions.
Here are his five worst:
1. Debt consolidation is good
Debt consolidation is when multiple debts, such as credit card and personal loans, are consolidated into one loan to create one payment. In theory, it sounds simple.
But debt consolidation doesnt actually solve the issue.
The problem is,…
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