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Urban legends -- those oft-repeated stories that sound justwild enough that they could be true, but really aren't -- prey on our fears,hopes and dreams. Those involving credit cards are no exception.

These five larger-than-life tales about plastic from urbanlegend site Snopes.com provide entertaining insight about the psychology ofmoney and even a few financial lessons.

Urban legend No. 1: The secret trick for ditching debt

The urban legend: A friend of a friendhas racked up $100,000 in debt by charging dinners in fancy restaurants,shopping sprees and luxury vacations on her credit card. But she plans toquickly wipe out her debt -- on the advice of a lawyer friend -- by simplywriting $10 checks to her creditors with the notation "paid in full."

What it reveals: We're all prone tosome wishful thinking about debt. "It's preposterous, but people think, 'Wouldn't it be great to be able to do this?'" Gurney says. "Because every oncein a while you hear about something crazy somebody did that actually worked --it's like the lottery."

The lesson learned: Settling creditcard debt for pennies on the dollar can be done, but it's never easy -- or freefrom repercussions. "The creditor would have to approve it first, and you'dhave to show you're in serious financial distress," says Gail Cunningham, vicepresident of public relations for the National Foundation for CreditCounseling. "Then it would show up on your credit report."

Urban legend No. 2: The story of the creditor fromhell

The urban legend: A man got a newcredit card and soon began receiving statements that showed he owed $0. He keptthrowing them away. The credit card company sent him a letter threatening toclose his account if he didn't pay his $0 balance. When he finally wrote acheck for $0 and sent it, the credit card company notified him it had bouncedand threatened to send the debt to collections.

What it reveals: "People want to thinkthat creditors are bad and annoying and frustrating, so the fact that this guywas incessantly hounded is perfect -- it plays right into what they want tobelieve," says Belinda Fuchs, CPA and president of OwnYourMoney.com.

The lesson learned: Checking yourstatements -- and calling your creditors to talk out any concerns until they'reresolved -- is important and will eventually yield results. "It's a good thingto stay on top of any issue with your credit," Cunningham says. "Sometimesyou've just got to be dogged and stay after it."

Urban legend No. 3: Battling evil with your creditcard

The urban legend: Someone'smother-in-law got a letter stating that Osama bin Laden is a "principal owner"of Citibank. The phone number of Citibank is provided so the reader cansupposedly call to verify. The e-mail states: "For any of you that have aCiti credit card -- DON'T USE IT! Osama is counting on our money."

What it reveals: We want to control thebig things that scare us, and our purchasing and credit decisions offer a smallway to wield influence in a big world. "You might think, ‘I'll cut this cardup,' then you feel powerful and in control," says Eddie Reece, apsychotherapist who specializes in financial issues. "People are afraid anduncertain, so if you sell them certainty, they'll buy it."

The lesson learned: You do have powerthrough your spending and credit decisions, but shouldn't make knee-jerkdecisions based on untrue rumors. "Some of the information out there iscertainly not credible, and to be a savvy consumer, you need to do your ownresearch," Cunningham says.

Urban legend No. 4: The sneaky credit card scam

The urban legend: A friend goes to thegym and leaves his belongings in a locker. After coming back out, he flipsthrough his wallet to make sure it's in order. A few weeks later, he gets acredit card bill for a whopping $14,000. Turns out, a thief had broken into hislocker, swiped his credit card and replaced it with a similar-looking expiredcard. The victim gets stuck with thousands of dollars in fraudulent charges.

What it reveals: We love to scareourselves silly about possible credit card scams -- even unlikely ones. "Creditcards are very personal," says identity theft expert Robert Siciliano. "Themere thought of a thief invading your 16 digits and the big bad bank beinguncooperative makes for a great soap opera."

The lesson learned: It's good to becautious because scammers are always coming up with new tactics -- many thatare far more believable than the card switcheroo at the gym -- but rememberthat credit cards have many protections in place, including 60 days to disputecharges and a limit of $50 liability for fraudulent charges. "You can't be toocareful with your credit cards and your identity," says Kathleen Gurney, alicensed psychologist who specializes in money management issues. "But there'sno need to be fearful."

Urban legend No. 5: The magical credit card forthe super rich

The urban legend: American Express hasa super secret "black card" offered by invitation only to extremely wealthyindividuals such as Bill Gates. It can be used to buy literally anything -- froma luxury car to a jet. It's delivered by a security guard and comes in avelvet-lined box.

What it reveals: Many of us not onlywant to be rich, we believe that one day we will. "I can tell this story like,‘Oh can you believe these rich people?' or I can tell the story of this awesomecard that secretly I might even one day have," Reece says.

The lesson learned: Rich or not, now isthe time to learn how to manage your money. "If you don't get a system down,you might generate money in the future, but then lose it because you're notcapable of handling that much money," Fuchs says. "If you own your money andplan your financial future, that's much better than waiting for a velvet box toarrive at your door."

So, nexttime an urban legend about money or credit shows up in your inbox, remembernot to take it too seriously -- and instead use it as a little reminder tomanage your finances wisely.

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