Question

Which of the following is not a credit myth?

1) The lottery and other forms of gambling will make you rich.
2) You have "arrived" financially once you get approved for a credit card.
3) Debt is a tool and should be used to create prosperity.
4) Borrowing money can have serious consequences and prevent you from building wealth.

Answer 1

The correct answer is option 4) Borrowing money can have serious consequences and prevent you from building wealth.

Step-by-step explanation:

The correct answer is option 4) Borrowing money can have serious consequences and prevent you from building wealth.

While the other options listed are credit myths, option 4 is a factual statement. Borrowing money, especially if done irresponsibly, can lead to long-term financial consequences and make it difficult to accumulate wealth. It is important to understand the potential risks and consequences of borrowing before taking on debt.