What’s the highest amount of interest you’ve ever paid? 7%? 18% 24%. Now, can you imagine paying 36%?? Well, that’s precisely what you’ll wind up doing if you fall for this latest check cashing scam.
I JUST had a subscriber reach out to me outlining the precise details about how their “FREE $3100 “check in the mail” turned into an over $5000 liability.
And stick around to the end for a bonus that will help you avoid ALL of these types of scams.
Let’s get into it...
I mean REALLY, who couldn’t use a few extra thousand dollars right now?
With so many people desperate for cash over the past year, there has been a rise of different scams designed to make it look like people are getting “free money”, but that ultimately turns into a giant scam.
Case in point: there’s a new check cashing scam that will cost you thousands if you fall for it, so caveat emptor (buyer beware).
A subscriber received a solicitation this week from a local finance company.
At the bottom of a one-sheet mailer, there is a check made out to her for $3,100. It says she can cash it.
BUT, on the back side of the mailer, it reads:
Annual percentage rate: 35.99%
Finance charge: $2,011.64
Total payments: $5,111.64
Unfortunately, this solicitation is working. There are people who are taking the bait.
Here’s another one to watch out for.:
This “check kiting” scam is linked to Craigslist posts that ask for people’s personal information so that they can “send them a payment” for something.
Now, I know most of you guys wouldn’t ever fall for something like this, but it’s important to outline how it works JUST in case you’re tempted.
So here’s how the scam works.
After the victim cashes the check, they get a follow up mailer saying that “too much money was sent” and that they “need to send some of it back”.
So, not only is the victim out that original amount of money but also fees the bank charges for a false check.
Bottom line: If you’re posting something for sale on Craigslist or FB Marketplace, don’t give out your personal information OR your financial information to someone you don’t know.
I’ll leave a link to the articles that cover these two scams in the description below.
Also, if managing money and overall debt issues are something you’re dealing with, I wanted to offer you my FREE “8 Steps To Erase Debt/The Foundations Of Financial Independence” workshop. Link is in the video description below.
Now, if this decision process is something you struggle with and you constantly feel isolated about, I’ve got some great news for you and it’s free.
Our private Facebook group, ZeroDebtTribe. It’s a group of like minded people that are all somewhere along this P2P/debt-elimination/on their way to FI continuum. So click the image above and apply to join us. :)
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Thanks so much for reading and we’ll see you in the next video post!