What if we could just say the magic word and all of our debt would disappear? 🪄 Yeah, we’ll keep wishing. While we’re at it, let’s throw in a money tree, too. 🌳
Sleazy scammers are upping their game. Their latest target? Americans looking to get out of credit card debt. 💰 Forgiveness scams are on the rise and we’ve got tips on how to spot them.
Here’s Five Fast Facts on this sneaky credit card scam:
- 🗑️ Empty Promises - Credit card forgiveness scammers suck you in with big promises to make your debt go away. They prey on desperate people looking for any way out. Yes, there are legitimate debt relief services out there, but their services include things you can also do yourself…and there are no shortcuts. If an offer sounds too good to be true, it probably is.
- 💳 Forgive or Forget? - Scammers love using the word “forgiveness” to grab your attention. The reality? There aren’t any legit programs where credit card debt is just wiped away without consequences (we wish). Real companies will use words like debt consolidation, settlement, or relief instead.
- 🏃 Hurry Up - When you sign up for debt counseling with a reputable company, they’ll spend a ton of time analyzing your debt and how you accumulated it. A scammer usually skips all that and quickly asks for your payment details. A real debt relief company won’t ask you for your bank account info or Social Security number up front.
- 🤯 Pressure Cooker - Scammers also love to pressure victims into making decisions right away. They’ll use phrases like “limited-time offer” and bully you into signing up on the first call. If you feel pressured to hand over payment info or get a deal done quickly, that’s a big red flag.
- 💸Out of Balance - Since the pandemic, Americans have accumulated a whopping $1.14 trillion in credit card debt. Right now, the average household balance is $7,951. No wonder forgiveness scams are everywhere.
🔥Bottom line: Bonus scam red flag: they don’t ask you anything about your personal financial situation. Debt looks different on everyone and there’s no single magic solution. A legit company will want to get to know your unique needs and come up with a custom program to get you back on track. Why are Americans in so much credit card debt, anyway? We shed some light on that here.
Have you ever been contacted by a scammer?
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