Wednesday, June 14, 2017

Another Credit Card Scammer Gets Told To F--- Off

I've certainly mentioned this before, but it bears repeating: If you get a call from a company claiming that they can lower the interest rate that you pay on your credit card, it's most likely a scam. The companies behind the sales pitches claim to have special relationships with credit card issuers, which supposedly is whey they can negotiate such low rates for you. They guarantee that the reduced rates they offer will save you thousands of dollars in interest and finance charges, and will allow you to pay off your credit card debt three to five times faster. In order to keep you from mulling over the offer for too long, they claim that the lower interest rates are available for a limited time and that you need to act now (if they have a special relationship, why would you have to act now?). Some even use money-back guarantees as a further enticement. Of course, you have to pay a fee up front in order to get in on the deal.

The truth is, people who pay for these services don't get the promised interest rate reductions, don't save the promised amounts, don't pay off their credit card debt three to five times faster, and struggle to get refunds. It's also illegal for these companies to charge a fee to a customer before they settle or reduce your debt. So, if you're looking to reduce or re-negotiate your credit card debt, you're better off doing it yourself. And, I hate to say it, but if a company is outsourcing their call center to a foreign country that employs people who speak with very thick accents, you're likely dealing with a fly-by-night operation.

Below is the latest recording of me telling a rep from one of these companies where to get off.

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