Myths - |

When you tell people that you’re involved with a Network Marketing company, many will respond with things they’ve heard. You might have people say, “Is this one of those pyramid schemes?” or “Is that one of those get rich quick things?” There are many myths about the Network Marketing industry. Here are four common myths debunked.

Myth: Network Marketing is a pyramid scheme.

Network Marketing, or MLM, is different than a pyramid scheme. Network Marketing is a business model that moves products or services and compensates distributors for product or services moved through their network. It is completely legal.

A pyramid scheme, on the other hand, does not involve moving products. A pyramid scheme involves paying money to be involved and receiving money from those you recruit. No goods or services are received when people are involved in a pyramid scheme. Pyramid schemes are illegal.

Myth: Network Marketing is a way to get rich quick.

Network Marketers can and do get rich…the industry is full of rags to riches stories! However, most people who become successful Network Marketers do not get rich overnight. It takes hard work and dedication in order to become a successful Network Marketer.

Myth: Most people fail in Network Marketing.

Many people join Network Marketing companies every day. Unfortunately, not everyone who joins a Network Marketing company will become a successful Network Marketer.

The fact is, most people quit before they ever become successful. They don’t put forth the effort and invest the time necessary to become successful Network Marketers. There is a difference between quitting and failing. The fact that many people quit doesn’t mean that Network Marketing doesn’t work. It does work…but not everyone is committed to reaching the top.

<b>Myth: Anyone can be successful in Network Marketing.</b>

Network Marketing is not for everyone. While it is true that there is no prerequisite background for you to be a successful Network Marketer, there are qualities that all successful Network Marketers share–willingness to learn, determination to succeed, positive attitude, and many others. People who are not willing to put time and effort into building a Network Marketing business will not be successful.

Megan Marshall is a successful Network Marketer and stay-at-home mom. For more on this and other Network Marketing topics, visit http://meganmmarshall.com.

When it comes to secured credit cards, many myths abound. From “they’re only for people with bad credit” to “they’re more expensive than unsecured cards”, you can’t always distinguish the truth from the lie. Worry not. I’m debunking the most common secured credit card myths.

1. Secured Cards are a Bad Credit Stigma

Think a secured card announces to the world that you have bad credit? Guess again. Most secured cards are indistinguishable from unsecured cards. Your card itself won’t say anything and your credit report won’t show the fact that your account is secured.

2. Secured Credit Cards Have High Interest Rates

Many people assume that secured cards are for people with bad credit, and as such they have a higher interest rate attached to them. This isn’t the case. A secured credit card is less of a risk to creditors because the credit line is backed by a bank account. Because of this, secured cards often have lower interest rates than many of the bad credit unsecured cards.

3. They’re For People with Bad Credit

If you think a secured credit card is only for people with bad credit, you can rethink that logic. Secured credit cards are for people from all walks of life. You don’t have to have bad credit to carry one. Many people with decent credit qualify for unsecured cards, but not the best ones. In these cases, a secured credit card can offer better terms and higher credit limits.

4. They’re Issued by Predatory Lenders

Secured credit cards, more often than not, are not issued by predatory lenders. The cards issued by predatory lenders have high interest rates and high annual fees and processing charges attached to them. While a secured credit card is likely to have an annual fee it will usually be reasonable (in the $50 range), as will the interest rate.

5. A Secured Card Is Like a Debit Card

This one couldn’t be further from the truth. Secured cards are connected indirectly to a bank account, but they work nothing like debit cards. Your secured credit card account will be reported to the three credit bureaus, helping you improve your credit rating. Debit cards don’t do this. And like unsecured cards, you must pay your secured credit card statements when they come in each month even though your security deposit is securing that line of credit.

So are secured cards the black sheep of the credit card family? Absolutely not. A secured credit card can be a valuable financial tool — it’s just a matter of differentiating the myths from the reality.

For more tips on secured credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources.

Tag Archives: Myths

Network Marketing Success–top Network Marketing Myths Debunked

Debunking 5 Secured Credit Card Myths