There is so much to talk about on the topic of credit myths that an entire book could be dedicated to it.

Myth #1: I'm a complete financial loser for getting myself into this mess.
Fact: It may be true that you're responsible for getting into debt but that doesn't make you a loser. In fact, it may not be your fault at all. As long as you start working on becoming more knowledgeable when it comes to finances, you will ultimately find success in controlling your debt.

Myth #2: Credit is what got me into this mess.
Fact: Spending is what got you into debt. Credit was the means to spend. If you're problem is spending then very well may have spent all your cash. However, credit cards may make it easier to spend.

Myth #3: There's nothing I can do about it now. My credit is destroyed forever!
Fact: As long as you work, starting today, to rebuild your credit, you'll eventually get it under control. Rebuilding your credit means: (1) Paying on time; (2) Looking for better credit options; and (3) Learning more about money and credit.

Myth #4: If I cosign a loan for my friend, it has no affect on my credit.
Fact: When you cosign a loan it's like you took the loan on your own! It may be true that your friend is the first one responsible for the loan, however, if they default it's completely your problem.

Myth #5: It's fine to give out my credit card number for identification as long as I don't authorize a charge.
Fact: NEVER give out your information as a form of identification. When it comes to giving out any personal information, be sure you know exactly with whom you're speaking. This is especially true when someone on the phone.

Myth #6: If I pay off an old debt it will be removed from my account.
Fact: Most likely, no. In fact, when you pay past-due debts it restarts the time period that it can be reported in your credit history!

Myth #7: When I get divorced my "X" will owe half the debts.
Fact: If your name is on the account then you owe the money! If you have a joint account and your ex-spouse refuses to pay, even if you've agreed they would, then you're next on the collection list.

Myth #8: The government owns the credit bureaus.
Fact: Credit-reporting-agencies are not owned by the government. Although, there are many laws that dictate how they must operate.

Myth #9: I cannot change the information on my credit report. It's set in stone.
Fact: You can change the information! The Fair Credit Reporting Act outlines that information that's not 100% accurate or cannot be verified with 30 days, must be removed.

Myth #10: If I get in debt too deep I'll just file for bankruptcy protection.
Fact: The bankruptcy laws are changing to make it more difficult to eliminate all your debt in a bankruptcy so you may end up paying much of it back anyway. It will also be on your credit report for 10 years! Hey, if you have NO OTHER OPTIONS then you should certainly investigate bankruptcy. However, it's much better to settle the debts if you can.