I read that coconut oil is bad news for your ldl cholesterol, heart, and overall health. So should I stop using coconut oil?

Yea. You want to use oils always sparingly. And the ones suggested are rich in unsaturated fatty acids (MUFA and PUFA) such as canola or olive oil. .
Don't believe it! NO. Just because you read something (even here) does not mean it's true (while most info on HealthTap is true, I find some is inaccurate). Look for documentation, not just opinion. Research suggests coconut oil lowers LDL cholesterol while raising HDL, among many other proven health benefits. See this article which has links to the research that supports the claims: http://tinyurl.com/johpm3l.