It can be tempting to believe someone telling you they will save you or make you money, but the sad truth is we live in a world of scams that are ever increasing in their sophistication and reach. In this episode we take an in-depth look at credit card consolidation companies and help you to determine if they are actually working for your benefit or if they just want to take your money and run. We also talk about student loan debt solutions, and questions you should ask if thinking about getting involved in a multi-level marketing company.
In this episode:
Why there’s an uptick in the predatory schemes [1:00]
The truth is, there’s no easy answer to get out of debt [4:00]
Why free college won’t work in the U.S. [6:30]
Why aren’t we learning finance in school? [9:00]
Why college is free in Europe [12:00]
Learning is a lifelong endeavor [15:00]
One of the best ways to make the world a happier place [19:00]
Student loan debt relief scams [22:00]
A word of warning about paying 10% of your income to student loans [24:00]
One way to tell if someone is really trying to help you [25:00]
Credit card debt relief scams [28:30]
How debt relief works [30:00]
Remember that your information is always for sale [31:30]
How you can debt relieve yourself [36:00]
You shouldn’t be paying upfront for someone to “save” you money [38:30]
Remember, if you stop making payments, all open credit cards can raise your interest rates to the max [42:00]
What to look for in a credit card debt consolidation company [44:00]
One of the biggest long term scams going [52:00]
Things to look for to tell that it’s a scam [54:00]
One red flag that indicates you should run away fast from this scheme [57:00]
The real math of why a pyramid scheme doesn’t work [59:00]
The importance of clinical trials [1:04:00]
Resources:
Jean Eaglesham and Anna Maria Andriotis, The Wall Street Journal. That Offer to Make You Debt-Free? It Can Make You Worse Off
Jean Eaglesham, Michael Tobin and Coulter Jones, The Wall Street Journal. Soaring Student Debt Opens Door to Relief Scams