Wherever financial misery exists, expect scam artists to follow close behind, ready to take advantage of it. Too often these days, when the phone rings, it is some helpful person who claims to have a way to rid you of your financial problems. But in reality, what they often really want to rid you of is your money.
Various government agencies have recently posted examples of financial scams that are prevalent these days. So, when a phone conversation starts in any of the following directions, don't waste your time and certainly don't waste your money. Just hang up.
- "I can get you into our credit counseling with just one upfront fee." The Federal Reserve advises consumers not to work with any credit counselor who requires a fee before providing services. Also, if you do some searching, you should be able to find free sources of credit counseling.
If you are on the fence, ask the caller to send you some information in writing, or at least for a phone number so you can call back. That will give you time to do some research into their organization. More often than not, that simple request will get the caller to do what is in your best interests -- end the conversation.
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