By HRRC Financial Counselor Keesha Allen. The Halloween season is approaching, which means it is a good time for you to \u201cBEWARE\u201d of scam programs out there that are just waiting to take your money. \u00a0In most cases, these scam operators make a lot of money doing nothing that you could not do for yourself. \u00a0You have worked hard for your money, so be careful to not give it away to others who make promises to do a service that you can often get for free. \u00a0A good rule of thumb is \u2013 \u201cif it sounds too good to be true \u2013 it probably is!\u201d \u00a0Here are a few examples of offers to be \u201cSPOOKED\u201d by:<\/p>\n
Some companies will offer to set up your mortgage payments to be paid every two weeks. Bi-monthly mortgage payments result in 26 payments per year, which can help to pay off your principal balance earlier, saving you interest in the end. \u00a0These companies may charge as much as $800 to do something that you can do yourself by simply contacting your lender to arrange a different payment schedule. \u00a0Anytime you want to make extra mortgage payments, it is always best to contact your lender or servicer directly, rather than paying a third party.<\/p>\n
Other scams are found in magazines, newspapers and TV ads for companies offering to help you \u201cget out of debt quick.\u201d \u00a0These consolidated credit card debt programs are generally consolidation-type loans with hefty service fees attached. \u00a0Merging accounts can be beneficial, but may be offered by your creditor and include a one-time consolidation fee, rather than a recurring service charge. \u00a0If you are interested in your options, contact your creditor directly to see what programs are offered.<\/p>\n
Finally, stimulus grants are the newest forms of scam, where internet thieves offer to help you qualify for \u201cstimulus funds\u201d \u2013 after you have paid a fee, of course. \u00a0They typically send you a check asking for your bank account information so they can make a direct deposit. \u00a0Needless to say, stimulus finds are not distributed this way, and agreeing to do so may empty your bank account. \u00a0Make sure you are careful about whom you give your personal identifiable information to, and ensure they don\u2019t solicit to other creditors. With any financial agreement you enter, you should be sure of the terms and conditions and obtain them in writing before entering into an agreement.<\/p>\n