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…
