Beware of Claims to Lower Your Interest Rates

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young woman talking on a mobile phone and holding a credit cardWe continue to receive calls from consumers who have received telemarketing calls promising to lower their credit card interest rates. Many of these consumers state that they don’t even have credit card debt. Most of them have no idea how the telemarketers even got their contact information. The promise of lower interest rates sounds tempting , but keep the following in mind if you receive these calls.

The Federal Trade Commission issued a press release yesterday regarding the shutdown of National Card Monitor LLC. This business is accused of calling consumers out of the blue and offering to lower the interest rates on their credit cards. Consumers who paid the fee of $499 or $599 were supposed to be saving money in the long run. Also the business promised a money back guarantee leading consumers to believe that there was no risk.

The BBB of Central, Northern and Western Arizona where National Card Monitor was based received complaints from consumers claiming that they did not receive the help that they paid for and attempts to get full refunds under the guarantee resulted either in partial or no refund at all. According to yesterday’s press release the FTC has succeeding in stopping the business from operating pending trial and thanked the BBB in Arizona for its assistance.

Consumers have the option of contacting their credit card company and trying to negotiate a reduced interest rate on their own. If however you are interested in assistance with lowering your credit card interest rates, seek out a reputable business or nonprofit organization. Don’t go with a company that calls you out of the blue especially if they are seeking an upfront fee.  Click here for a list of BBB tips on debt relief. 

For more details you can view the FTC press release here and also the BBB report on National Card Monitor LLC here.

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Jason is the Manager of Dispute Resolution Services with the BBB and primary handles consumer complaints. He also assists consumers with business inquiries. He is a regular contributor to the blog.

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