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Furthermore, prices at all the nonboycotted outlets would rise, thanks to the temporarily limited supply and increased demand, making the original prices look cheap by comparison, according to Snopes.com.
Besides, the industry is too large for a boycott of two companies to make a dent, says Stephen Ciccone, University of New Hampshire assistant professor of finance.
- Myth No. 6: It's better if you don't sign the back of your credit card. Some well-meaning pigeon decided one day this would protect him from identify theft.
Unfortunately, in the real world, it only "protects" you from having the merchant accept your payment at the checkout counter, says Mills. Not to mention that an unsigned card in the hands of fraudsters is much easier to use for unauthorized purchases. They can just sign the card themselves. Then their signature will always match the receipt signature.
- Myth No. 7: You can make a pile of dough by helping a foreigner solve his money problems. "Hello, my name is unpronounceable, and I need to get money out of my country. Will you let me use your bank account?" is the gist of this e-mail plea.
It's called the Nigerian bank scam, and it's among Mikkelson's favorites, mainly because the number of people asking about it is huge. "It is impossible for the average person to figure out what is going on unless they know there is such a thing as a Nigerian scam," she says.
For one, the back-story changes constantly to reflect current events. Expect a new variation every time a foreign leader dies or is deposed. Presently, Yassar Arafat's widow is supposedly seeking help moving his secret bank account out of enemy hands, and the sergeant who found Saddam Hussein's hidden gold wants help keeping it out of insurgent hands.
More from MSN Money and Bankrate.com
- Myth No. 8: You can now opt out of having credit bureaus give your information to anyone who asks. Just call (888) 567-8688 and give them the Social Security numbers of everyone in the household in a single call, says the message. But hurry -- you only have 60 days to take advantage of this ability.
The credit-reporting bureaus are working hard to debunk this one, if only to stop people from calling that number. It merely connects you to an operator who can help you opt out of receiving pre-approved credit offers. Keep in mind that if they weren't allowed to give out credit information on you, they wouldn't exist.
The grain of truth lies in the fact that companies are required by law to inform their customers of their privacy policies. (Remember the flood of confusing legalese that showed up in your mailbox from every department store credit card prior to July 1, 2000?) If you don't want them to sell your personal information, you must call them directly -- one by one -- to halt the practice.
Video on MSN Money
Don't let excuses keep you downSolving your money problems doesn't have to be difficult. Liz Pulliam Weston gives you a few simple steps that can start you on the road to financial security.
- Myth No. 9: You can buy your way out of points on a speeding ticket. If you pay a bit more than your fine actually is, the state will send you a refund check for the difference.
Don't cash it and they can't assess points because the transaction isn't complete.
Hmmm, sounds good -- a way to circumvent rising insurance rates for a mere $5. But when Mikkelson checked into it, she discovered the popular e-mail advice originated in Australia. Maybe it works for Aussies, but Americans aren't so lucky.
- Myth No. 10: Hotel Bibles often have $100 bills tucked into them. Heard the one that Gideons leave $100 bills in their hotel Bibles to reward folks who turn to the Good Book?
Mikkelson rejoiced when she actually discovered such a treasure during her honeymoon -- and found out a few hours later that her new husband was pretending to be God. The only thing Gideons leave behind is the book.
Published June 1, 2006
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