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Today on MyMoneyLife with Chuck Bentley

Thursday, July 16, 2009

Recession Scams (Pt. 1)

Download and listen to this program. To download MP3, click here

Chuck Bentley Guess who’s rolling in dough now that the economy’s in deep recession? Well, it seems that scam artists are making out, well, like bandits, and that’s according to Forbes.com.

People needing help with a mortgage, or struggling with debt, or just wanting to get some of that federal stimulus money—they’re ripe for scam artists.

So to make sure that doesn’t happen to you, we’ve got 3 ways to spot a scammer before you hand over your money.

Easy loans. Any company that promises to lend you money, no questions asked, regardless of your credit history—it’s probably a scam. They’ll want some kind of up-front fee from you. Just say thanks, but no thanks.

Bad grammar and misspelled words. Seriously. Remember the famous Nigerian letter frauds that were sent around by email? They asked to use your bank account to transfer huge amounts of cash from overseas banks. Well, the same folks have apparently graduated to the Web where they’re making all kinds of fraudulent offers. They’re easy to spot, though, because their English is terrible.

Address unknown. Now, not surprisingly, scam artists don’t like to give out their physical address. Now, if you can’t find it on their web site, or they won’t give you one over the phone, say “adios.” And if you do get an address, make sure it’s not some vacant lot somewhere.

Well, we’ve got a lot more great advice to help you manage money wisely in a tough economy, and to avoid the scam artists. I hope you’ll take a few minutes to check us out at Crown.org.

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