Bankrate has an excellent review of common misconceptions of debt management. Here is the next installment: Some Companies Offer Lower Interest Rates Than Others..

Again, there is no free lunch, and if you made your credit mistakes in the past, don't let others cheat you again by claiming you are still eligible for the lowest interest rate that is reserved for those with the best credit. A right attitude is a good start of successful debt management.

It drives Richard Musci, chief lending products officer at Schwab Bank, crazy to see teaser ads for low interest rates on home equity lines. Any quotes that fall within prime minus 75 basis points to prime plus 2 percent are reserved for those who make the A credit list. Those lower down the credit spectrum can expect to strike deals for prime plus 4 percent or 5 percent, not to mention a point or two in fees.

"They're using it to get people in and take them so far down the road that by the time they sign the loan papers, they're committed. They don't want to start all over again," he says. It also serves a second devious purpose: lower advertised rates push these companies to the top of the search engine lists.

But just how low is too good to be true? Bour's rule of thumb: If 90 percent of the lenders are advertising a 5.75 percentage rate, the lone shark waving even a 5.25 should send up a red flag. "But it doesn't because people always think they're smart enough to find the deal no one else has," he says.