Nobody likes paying more money than they need to. This is especially true when it comes to interest rates. But what are you willing to do to make your interest rate go down?
While it may be tempting to respond to an ad that claims you can lower your credit card interest rate, you should take a pause and make sure a sly schemer isn’t about to scam you.
If you are genuinely interested in lowering your interest rate, always start with your actual credit card company. Make sure to call a verified number and consult with customer service. This will be the best way to get a true answer on what your options are. Remember: There are no shortcuts to getting a lower rate.
Recognizing the fraud
So how can you spot credit card interest rate reduction scam?
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Be on the lookout for phony debt relief companies. These fraudsters will say whatever they can to get your money.
The Federal Trade Commission offers some red flags to be aware of. Scammers:
- May say they have a special relationship with banks or credit unions.
- Will offer you a lower interest rate for a limited time so you need to act now. They’re just trying to rush you into a quick decision.
- Will give you a money back guarantee if they can’t get the rate lowered. This is not true, and you’ll probably end up paying extra fees the company didn’t tell you about.
Remember, anything a debt relief representative says they can do for you is something you can do for yourself by going through your bank.
Protecting your money
Now that we know how to spot the fraud, it’s time to discuss how to stay proactive and avoid running into a credit card interest rate scheme.
The FTC suggests the following advice:
- Never share your credit card, bank account or other financial information with anyone who contacts you out of the blue. Once they have your information, they can commit all sorts of fraud.
- Don’t pay a company money before they provide services. Telemarketers can’t charge you before actually doing something.
- Hang up on robocalls. If you end up answering a robocall, don’t wait to hear what the voice has to say. Hang up and avoid saying anything over the phone.
We all wish our bills would be cheaper. And scammers know this. So don’t let your desire to save money blind you from a scheme. Remember there is usually a legitimate way to address your concerns instead of trusting an unknown company making false promises.
Maddie Pfeifer covers public safety for Mid-Valley Media. She can be contacted at 541-812-6091 or Madison.Pfeifer@lee.net. Follow her on Twitter via @maddiepfeifer_