3 Credit Card Myths Debunked 

Credit cards are something almost everyone has these days. Credit cards are important in helping you to build a good credit score, so you can apply for better loans when looking at purchasing big items, like a house or a car. There are many myths floating around about credit cards, and we want to debunk a few of those myths below for you, so you have the best information when looking at credit options.

Applying for a New Credit Card Won’t Affect My Credit Score 

Did you know that lighting can cost an average of 13% of your energy bill? If you are using incandescent light bulbs, consider replacing them with LED or CFL lights. These options may cost you more on the front end, but they use a quarter of the energy and can last up to 10 times longer. 

Carrying a Credit Card Balance Can Build Credit History 

The average shower uses from two to five gallons of water per minute, which can start to add up on your monthly bill. A great way to save some cash on your water bill is to take shorter showers. You might also consider a low-flow fixture. These are relatively inexpensive options, found on Amazon, that help you save anywhere from 25% to 60% in water usage.

Side note: Another great way to save water is to skip the dishwasher and wash your dishes by hand. This can cut 27 gallons of water off of your water bill each year. Like showerheads, there are efficient faucet solutions to consider as well.

Having More Than One Credit Card Can Hurt My Credit Score 

There’s some debate, but many suggest that washing all clothes, regardless of color, on cold isn’t harmful to the fabrics. Annually, washing clothes on cold will save you up to $40. You can also reduce your electricity bill by hang drying your clothes, rather than using the dryer. That’s potentially another $200 saved each year.

Find Plenty of Money-Saving Solutions

If you’re interested in learning about alternatives to credit cards, contact the experts at EZ Money for information on payday loans, installment loans, lines of credit and other loan products that can help you access funds.