Scammers Use Unsecured Debt Consolidation Loan Offers to Bilk Borrowers

[Apr 17, 2009.]

 

A few weeks ago, this column highlighted some of the most common signs of fraudulent debt consolidation companies. Recent news reports indicate that scammers are taking advantage of consumer desperation about the economy in record numbers. Sophisticated technology makes it easier than ever for con artists to bilk borrowers of their cash. Consumer advocates offer cases that underscore the importance of three key pieces of advice:

• Never pay money to get money.</st

   

  About Author:

  Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.