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October 14, 2013

Conventional wisdom does not always apply.

This is the subject in Gregory Karp’s article, “Turning conventional wisdom on its head”, in his October 6th article in The Chicago Tribune.  Following are excerpts from that article.

“Getting credit cards at a younger age can be a good thing. ‘It seems that the type of people who get credit early are better borrowers – less likely to default…’”.
“Part of the reason young borrowers become better borrowers may be that they are once bitten, twice shy.  ‘They have some minor delinquencies and they learn their lesson’”.
“The takeaway? Don’t necessarily discourage a young adult from getting a credit card.”

“You might think that sticking with your auto insurer year after year breeds good will and maybe even lower rates…according to the Consumer Federation of America…some insurers are illegally jacking up car insurance rates on people who, faced with higher rates, are less likely to shop for a better deal, a practice called price optimization.”  “…the takeaway is tried-and-true advice regardless of price optimization:  Regularly shop around your insurance coverage to make sure you’re not overpaying.”

“Those ‘use by’ and ‘sell by’ dates on food items seem like helpful guides, but they actually don’t mean much.  That’s because they are not standardized or regulated…”

Based on this article and numerous other similar articles, it may be more important than ever to exercise due diligence rather than rely on conventional wisdom. 

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