If you are struggling to pay off debts such as credit card debt, auto loans or student loans, you may be looking for ways to lower your debt. If so, you’re not alone. Total household debt in the U.S. was $15.84 trillion as of 2022. Yet, it’s important to be careful when you receive enticing debt relief offers from solicitors.
Debt relief and credit scammers target individuals with large amounts of debt or low credit scores. Signing up for a debt relief service without doing your research can lead to more money lost and an even worse credit score if you’re not careful.
When you are looking for help managing debt, talk to a qualified credit counselor. Know the signs of a credit scam and research any debt relief company before you start working with them.
What debt relief and credit scams look like
Managing debt can feel overwhelming, and you are likely on the search for any way to lower your debt. But, it’s important to know about common debt relief and credit scams so you can spot them when they come to you.
You may be the recipient of a credit scam if they reach out to you first. Scammers may send you an email or text or call you. They take advantage of your desire for a convenient solution to debt in order to get your attention. The Federal Trade Commission (FTC) enforces the Telemarketing Sales Rule which requires telemarketers to follow certain rules. If you feel like they might not be following these legal regulations, reach out to the FTC.
Debt relief and credit…
