Southland News

At Southland, we believe that the more you know about your finances, the better equipped you are to make smart decisions. There are a lot of financial myths out there that can make things more confusing than they need to be. Let’s clear up some of the biggest misconceptions so you can take control of your financial future.

1. “Your credit score only matters for credit cards.”

Myth busted: Your credit score impacts more than just your ability to get a credit card. It also affects loans, mortgages, rental agreements and even insurance premiums.

What you can do: Regularly check your credit report, pay your bills on time and keep your debt in check. A good credit score opens up better financial opportunities.

2. “It’s too late to start saving for retirement.”

Myth busted: It’s never too late to start saving for retirement. Even if you’re starting later in life, there are strategies to catch up and build your retirement savings.

What you can do: Start contributing to a retirement account today, even if it's a small amount. Every bit helps, and the sooner you begin, the more you’ll benefit from growth over time.

3. “Credit unions don’t offer modern banking services.”

Myth busted: Credit unions offer the same modern services as big banks, including Digital Banking, bill pay and account management. Credit unions also tend to offer lower fees and better rates.

What you can do: If you’re a Southland Member, use our Digital Banking app to manage your accounts and make payments easily. With personalized service and great tools, we’re here to make banking simple.

4. “All debt is bad debt.”

Myth busted: Not all debt is bad. Although high-interest debt should be avoided, some types of debt, like student loans or mortgages, can help you build assets and reach important life goals.

What you can do: Focus on paying down high-interest debt first. Consider refinancing or consolidating loans to get better rates and make managing debt easier.

5. “Credit cards are better than debit cards for everyday spending.”

Myth busted: Many believe credit cards are better for everyday purchases due to rewards and fraud protection. However, debit cards can help you avoid debt by only spending money you already have, and some debit cards, like our Enjoy! Rewards Checking, offer rewards too.

What you can do: Use your debit card for everyday expenses to stay on budget. Plus, with our Enjoy! Rewards debit card, you can earn points on purchases that can be redeemed for cash, gift cards and more.

Take control of your finances today

Now that we've busted these common financial myths, you're in a better position to make informed choices that work for your unique situation. At Southland, we’re here to support you every step of the way. Whether you're looking to improve your credit, save for retirement or get more out of your everyday spending, we’ve got the resources and expertise to help.