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15 money myths you need to know

15 myths about money that you need to understand

This no-nonsense article by Sarah Modlock sheds light on 15 money ‘myths’...some of which you may think are true - it is well worth a read:

1. I'm better off keeping my money under the mattress.

2. I can't switch banks because I have an overdraft.

3. Paying bills by direct debit is always cheaper.

4. If I lock away my savings in a long notice account I get a better deal.

5. I'm renting out my property but don't need to tell the mortgage company.

6. I have a nice cheap mortgage because it's interest-only.

7. I need to pay a specialist to get my credit rating repaired.

8. The more credit cards I apply for, the better my credit rating will become.

9. It's easy to solve everything with an IVA (Individual Voluntary Arrangement)

10. I need to pay for debt help.

11. I don't need travel insurance for my trip to Europe - I have an EHIC card.

12. Buying a joint-life assurance policy saves money for couples.

13. The state will look after me.

14. I can start saving for a pension when I'm older.

15. My house is my pension.

Check out the facts at yahoo.com