Rumours persist in all areas of life and our financial lives are no exception. Humans are generally gullible. We will believe anything, especially if there is a grain of truth to what is basically a crazy and completely preposterous story under all other circumstances.
Urban legends persist because they sound true to the ear, especially when they are set up using plausible details. Urban legends are also a reflection of, and a comment on, the state of our society as it is now. They change with the times like the best stories always do.
Urban legends also reveal more about humanity than true stories often do because they prey on our insecurities, or misconceptions, our assumptions and our fundamental beliefs. From Snopes.com come the best credit card related urban legends we could find. You probably won't believe anyone can possibly fall for them when they are all laid out, but remember, someone did and with a few details adjusted, you might too.
Besides even if you'll never fall for them yourself, there are some very important lessons embedded in each of the five of these yarns that we can all learn from, no matter who we are.