Those aggravating junk calls are still going around from people promising to lower your credit card interest. When one Utah man got the call, it seemed to him more of a scam than an offer of help.
Those aggravating junk calls are still going around from people promising to lower your credit card interest. When one man got the call, it seemed to him more of a scam than an offer of help. Pep Hinds said he was intrigued by a call from someone claiming to be with cardholder services. They offered to slash his interest rate to save him thousands of dollars. "They're saying credit cards out there are 22 plus percent, we could do it in half," Hinds said. But wait a second - cardholder services? Pep wasn't sure who had called him. "They were going into it and trying to get me to convey my information, which right then was a red flag to me," he said. Hinds said he kept asking questions, just trying to figure out who the guy was. "Once I started to keep asking questions, they hung up on me," Hinds said. And that's just as well, because it is a scam. It's a scam because it's illegal to junk call someone without a previous business relationship. And if it's illegal to start, you can assume everything else is illegal, too. Of course, the "offer is only available for a limited time, so you need to act now!" Some scammers even use money-back guarantees to sweeten the lure. There's little wonder why people keep getting hooked, Hinds said. "I can see a lot of people, you know, the pressure of debt, with the pressure of those interest rates," he said. The Federal Trade Commission warns United States financial institutions not to call customers with offers of rate reductions. If you are not sure if it's a scam, check the caller ID. Often, when you call the number back, it's not the real number. That's why officials say it's hard to track down the scammers. It is also likely they are overseas. If you're looking to lower your interest rate, your best bet is to handle it yourself for free, the FTC advises. Call the customer service number on the back of your card and ask for a reduced rate. You have just as much clout with your credit card company as any third-party company.%3Cimg%20src%3D%22http%3A//beacon.deseretconnect.com/beacon.gif%3Fcid%3D156426%26pid%3D46%22%20/%3E