Last night, I attended a personal finance panel held for a group of young professionals.

After nearly jumping up and screaming “No, that’s not true.” more than once, I left.

For instance, you don’t contact each credit bureau to get a free copy of your credit report because the site claiming to be free really isn’t. You go to www.annualcreditreport.com to get your free report, a good idea if you haven’t done so.

Credit card debt is not a problem for almost all Americans. It dominates the headlines, but Federal Reserve data shows just 46 percent of families carry a balance.

Yeah, universal life insurance looks sweet compared to term insurance if you’re simply looking at getting no money back for years of premiums with term versus getting some cash back down the line with a cash value plan. Until you look at fees and what else you could do with the money. And then there’s the fact that the cash value insurance costs five times as much, a major commitment for a young person juggling lots o’ money matters.
Bad advice is a big problem, but so is no advice.

Share your best examples of bad advice and sites you trust to get good information.

This entry was posted on Thursday, October 4th, 2007 at 12:52 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.