BBB Warns of Scams Concerning the Lowering of Interest Rates

While many Americans would probably say that they would never fall for a scam, the truth is that it happens to millions of people every year. This year is no exception as people have been contacted to get interest rates on their credit card lowered. According to the Better Business Bureau (BBB) there have been many calls from telemarketers offering to help credit cardholders lower their interest rates; for a fee of course. Details state that consumers are getting calls at all hours of the day. Even those consumers that are registered on the federal “Do Not Call” list are receiving calls. The BBB says that if you get these calls chances are you are being set up to be scammed.

Reports from consumers say that they receive a recorded message that urges them to call about their eligibility for lower credit card interest rates. In some cases the recording says that this is a final attempt to reach someone who hasn’t responded to previous calls to discuss credit card debt and to call a number if you are interested. After calling the number provided consumers are then connected to a person who requests their credit card number, asks if they are interested in lowering their rates, and if they are willing to pay a fee to have them contact credit card issuers and negotiate lower rates. Once you get this far you have already been scammed, as many people have found out after looking at their credit card statement and finding unauthorized charges.

If you are looking to get a lower interest rate please remember, you are capable of contacting credit card issuers on your own, for free, and get the results you are looking for. In many cases the negotiation can be as simple as calling the customer service number listed on the back of your credit card and asking a representative to lower your interest rate. If you are consumer in good standing, many times they will do this to keep your business instead of allowing you to leave for another credit card issuer.