Don't Get Fooled by Financial Urban Legends

When it comes to money, there are lots of things that we wish were true that simply are not. Catherine Williams, VP of financial literacy at Money Management International, shares some of the legends she has heard from clients. All of these ideas have a grain of truth in them, but are largely false:
1. You can float a check longer if you write in red ink
2. Income tax is illegal
3. If you are under 18, you can't be held accountable for a debt
4. Your hotel key card encodes your credit card information
5. Boycotting a few gasoline brands will bring down gas prices
6. It's better if you don't sign the back of your credit card
7. You can make a lot of cash by helping a foreigner solve his money problems (also, You can win a lot of money in a lottery you have never entered).
8. You can opt out of having credit bureaus share your information
9. If you pay more than the fine on a traffic ticket, and don't cash the refund, you will avoid getting "points" on your license
10. Hotel Bibles often have $100 bills tucked in them

Remember, just because your brother's friend's uncle's accountant was the source for the information doesn't mean it's true.

Get all the details: 10 Financial Urban Legends
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