As if it isn't hard enough on our finances to be headed for a possible double-dip recession, now we have to watch out for new recession-related scams, too.
The longer our economy is stalled, the more likely we are to face financial difficulties - from unemployment to foreclosure to inability to pay the bills. Unfortunately, scammers are acutely aware of this, say Chicago bankruptcy attorneys. And they're increasingly preying on our desperation for a quick fix to our money woes.
But there's good news. It's possible to identify nearly any scam , once you realize what most frauds have in common.
For instance, one popular scam targets the unemployed by promising to find jobs. You pay an upfront fee, and in exchange, a supposed employment company will do all the legwork to get you hired. In reality, they'll throw you a couple of job leads that most likely won't help- if that - and you'll be left jobless, but out of a few hundred bucks or more.
Another popular gimmick is the company that promises to stop foreclosure. When you sign up, you're asked to sign over the title to your home, under the premise that you'll rent the home from the company until you can eventually afford to buy it back. Sadly, what usually ends up happening is they simply take your house from you for cheap.
Both scams involve you providing something upfront, before any service is rendered. There's only one reason for an upfront payment - the company knows they won't follow through with their promise. Second, both scams appeal to your emotions, urging you to act fast. Scammers know your worries will distract you from taking the time to think things through - because if you did, you'd realize how shoddy these deals really are.
Not sure how to tell a scam from the real deal? Check any business proposition out at the Better Business Bureau, where you can read about any complaints or concerns. In the meantime, find financial help that really works. If you're struggling with debt, that help might be bankruptcy. Learn how the right bankruptcy plan can help you manage debt and regain financial control when you try a free one-on-one debt analysis with a Chicago bankruptcy attorney.
