With everyone trying to squeeze the most out of every dollar, the possibility of getting caught up in a scam can happen to anyone. By now all of us have gotten the emails from the Prince of some African country that just needs an American bank account to transfer his money to and will provide you with a finders fee of 15%, which will be millions of dollars. How about the email scam that had people forwarding emails to all of their friends because Microsoft was going to pay them for sending out emails.
These scams are easy to spot, but it is the less obvious scams that are out there right now trapping people during these economic times. How many times have you seen companies advertising zero interest for 12 months, or no payments for 12 months? Sure that sounds great, but what they don’t tell you is that if you don’t have the item completely paid for prior to the 12 months expiring, that the interest that has been accumulating during those 12 months will be due on the 366th day. Even if you only owe 100 dollars on an item, yet the interest that has been accumulating might be 300 dollars and now your interest free item is no longer interest free.
During these tough economic times it makes sense to look for great deals, just remember, if the deal sounds too good to be true, it usually is.