3 debt relief myths you shouldn't believe

Myths are commonplace in society. And, in some cases, those myths are harmless. However, there are some instances where myths can be harmful to those who believe them. That's especially true in terms of financial myths. After all, if you incorrectly believe that a product that can help you is bad - or that a service that can hurt you is good - you could cause significant damage to your financial health. One area of finance that seems to be the center of many myths is debt relief.

Common reasons include: Missed payments: The most extreme forms of debt relief, like debt settlement, may require you to miss payments to your lenders while you save to settle your debts. Missing payments will typically cause your credit score to fall. Closed accounts: Some debt relief services may close your revolving accounts. And, if you have available credit on those accounts, closing them will lead to a higher credit utilization ratio - which could hurt your credit.

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