Wednesday, March 20, 2013

Don't Be The Next Victim Of Credit Card Debt Scams!

English: First 4 digits of a credit card
(Photo credit: Wikipedia)
Overwhelming credit card debt is a horrible problem to have. Unfortunately however, if you are a senior with credit card debt, you've got something else to worry about these days. One of the biggest scams on the market these days is false promises of credit card debt relief. I've heard of several call centers popping up with the intent to fool seniors into thinking they will receive debt relief, only to go out of business 6 months later with incredible profits. 

Are You Scared? … You Shouldn't Be! 

The truth is, there are tons of con-artists out there just waiting to get their hands on your money but, you also have everything you need to protect yourself. When it comes down to it, spotting a scam really isn't that hard to do. Here are some tips to help: 

  • Don't Trust Telemarketers – I'm not telling you that you shouldn't give a telemarketer a chance to win your business but, it's important to trust none of them. You should take the time to do your research. Some telemarketers may have the best of intentions but, the option that they provide just isn't best for you. For instance, they may get paid to offer you balance transfer credit cards as a debt consolidation option. During times of overwhelming debt, this would not be best. On the other hand, there are some companies out there that are scams and know it! Before signing up for any debt relief service from a phone solicitation, you should research the company name, read a few reviews and decide if it is a company that you want to work with. If so, do some research on the program they offer and decide if it is best for you, only when you feel you have enough information to make that decision. 
  • Use The BBB – Although, I do not agree with many of the practices upheld by the Better Business Bureau and, I don't use them often myself, when it comes to debt relief, they are a must. If there is a company out there that is scamming consumers out of thousands of dollars, chances are, they are not BBB Accredited. If they are, they probably have less than a B+ score. If you search the name of the company on the BBB directory and find that they are not accredited or their score is less than a B+, chances are, you do not want to work with that company! 
  • Old Rules Still Apply In New Times – There have probably been several times in your life that you said, “If it sounds too good to be true, it probably is.”. This is basic common sense. We all know that nothing comes for free and some things are just too good to be true. If a slick talking salesman offers you a credit card debt relief option that sounds too good to be true, it probably is! Do a bit more research on this one! 

The Bottom Line 

You are a senior citizen, it's time to relax. Unfortunately, there are some people out there that want to make that hard for you. Don't let them! Using the simple tips above, you will be able to protect yourself from credit card debt scams! 

About The Author – Joshua Rodriguez 

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance. Join the conversation about this article or any personal finance topic of your choice on Google+!

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