PF: Scams and Schemes


Millions of credit transactions are completed each day. In the vast majority of cases, both parties to these transactions benefit. But the world is not a perfect place. The credit industry, like any other industry, has a few people who operate on the edge. Some of these people are flat-out thieves. Others operate businesses that, while completely legal, can put people who are already in financial trouble into positions from which they will find it even more difficult to recover. Not all financial scams and schemes involve credit. Some deal with investments. They appeal to your desire to make a bundle of cash overnight. But, if any sales pitch sounds too good to be true, it probably is. Scams and schemes include identify theft, loan scams, and credit-repair loans. There are also legal but high-cost credit practices, such as payday loans and rent-to-own plans.



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