Credit Card Debt Settlement Scam Hits Home This Season
Can You Get Away With A Credit Card Debt Settlement?
When it comes to financial language, it is critical to understand all the names, expressions and programs that are in place. For example, the term Debt Consolidation is totally different than Debt Settlement. The first one means you have to pay back all your debt balances, while the other one means that creditors agree to forgive you for some of your debts.
However, watch out for a scam that has been happening in the last few years and keeps perpetrating especially during the holiday season when people rack up their credit cards.
Unfortunately, crooks have introduced a Credit Card Debt Termination program, which they advertise online via social media or even Google AdWords ads. These fake programs claim to help you waive all the debts. How does the scam work?
You are required to pay a fee, which in the end will be a few hundred dollars, while all your debts will still be there. While there are legitimate ways out there to deal with your debt (bankruptcy, settlements, etc.) always be aware of the word ‘termination’ in every offer.
Credit Card Debt Termination Scam: How to Avoid
There is no such thing, don’t enroll in a Credit Card Debt Termination program. As simple as that.
How To Report the Credit Card Settlement Scam
Make your family and friends aware of the Credit Card Settlement Scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below: