This is the fourth article of the A-B-C's of credit and debt. Today is D for Don't.

Who do you turn to for money advice?

• A friend in the financial industry?
  
• Late night TV shows on money?
  
• Newspapers (online or print) like the Wall Street Journal or New York Times?
  
• Websites like MSM Money?
  
• Financial bloggers who have some real-world experience?
  
• Nobody - you learn for yourself?

When it comes to debt, it seems like EVERYONE has an opinion! Well, you know the old saying about opinions, right?

"Opinions are like a#$%^@#$, everyone has one..."

The problem is that most opinions probably have some basis in truth. Yet none of those opinions contain the EXACT advice you need to fix your particular money problems, or manage your money properly. Sure, some of them may be correct. But some may be lies. And some may contain "partial" truths just to get you to buy something. Others are the blabber from an expert who needs to say something, but comes without any real experience or knowledge.

So when you hear advice about getting out of debt and fixing your credit problems, BE CAREFUL! Don't believe everything you hear.

Here are some guidelines when getting advice on fixing your debt and credit problems:

DON'T believe everything you hear from "the experts".

Most of the financial experts you see on TV or read online are true financial experts - but usually in some type of financial field other than debt and credit. Sure, they know about some of the rules the debt relief companies must follow. And they know about general financial principles. But most of them have never been in debt. Or had credit problems. And there are lots of little tips that you just can't know about unless you've been through it. Here's an example - most of them will tell you that all credit problems will remain on your credit report for 7 years. Technically, this is true. But there are legitimate ways to get the bad credit fixed faster.

DON'T believe all the ads from the debt relief & credit repair companies.

Many debt relief companies advertise that they'll help you reduce your debt by 40-60%. But what they don't tell you is that it involves using debt settlement. Now, I used debt settlement so it is a legitimate option. But, it's not right for everyone. First, you need to be behind in your payments - or stop paying. Second, you need to have a lump sum to pay off your bill when the settlement is reached. In some cases, this works out for the better. But if you think that they can reduce EVERY debt by more than 40%, well, that's just wrong. And then there's the catchy tunes from the FreeCreditReport.com ads - which isn't really free, by the way. Here's my take on FreeCreditReport.com.

DON'T believe your cousin Joe or neighbor Susan.

I'm sure they are nice people. And they might have some good ideas. But first of all, they don't need to know anything about your finances. And second, chances are that they have enough of their own problems. And even of they did have some good advice, who knows if it would even fit YOUR needs or solve YOUR problems. Let them brag, let them complain, let them think they have all the answers. And then walk away and find your own solutions.

DON'T give out your personal info unless you check it out very carefully.

This one should be obvious. But sometimes it is tempting to just believe what people tell you. Sadly, this can get you into big trouble. Before you sign up with any financial company (and this goes for debt relief, credit repair, mortgage, investment, or anything that deals with your money, social security #, or your personal data) do some research first. Check their Better Business Bureau rating. Type their name into Google and see what other people are saying. Read the paperwork before signing it. Use your common sense...

Finally, DON'T forget that if it sounds too good to be true then it probably is!

There are no easy ways to being rich. There are no quick ways to making lots of money online. There are no shortcuts to getting out of debt. There are no secrets to fixing years worth of credit problems in 30 days. However, there are legitimate ways to achieving each of these - but most take a good amount of effort. So the next time you read or hear about something that sounds so much easier/faster/cheaper than you ever believed possible ... be careful!

Overcoming financial problems is not easy. But it is possible. If you use some common sense, if you are prepared to do some work, and if you come up with a plan and stick with it.

Thanks to Tom at Canadian Finance Carnival for including us in the latest blog carnival.