Credit Card

$557,000 Returned to Consumers Harmed by Credit Card Interest Rate Reduction Scam

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The Federal Trade Commission is sending payments totaling more than $557,000 to consumers who paid money to GDP Network, LLC (YF Solution), a Florida-based telemarketing company that promised credit card interest rate reductions and regularly failed to deliver. The FTC is sending checks to 611 consumers. Recipients should cash their checks within 90 days as …

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Credit card debt is at records levels as inflation and interest rates rise. It is time to budget!

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The New York Federal Reserve Bank is expected to release data on Monday that shows that credit card debt in the United States has reached a record high of $1 trillion. This is a major reversal from just three years ago, when households were rapidly paying off their credit card debt with the stimulus payments …

Credit card debt is at records levels as inflation and interest rates rise. It is time to budget! Read More »

US credit card debt fell in early 2023, but at a slower pace than usual.

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The January-March period is typically when consumers pay down their credit card debt after spending heavily during the holiday season. However, this year, the decline in credit card debt was only 1.5%, compared to the average decline of 3% in the past 10 years. This slower decline in credit card debt is likely due to …

US credit card debt fell in early 2023, but at a slower pace than usual. Read More »

Credit Recovery, Inc. Shut Down for Fraudulent Collection Practices

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As a result of action by the Federal Trade Commission and the Commonwealth of Pennsylvania, debt collection company International Credit Recovery, Inc. (ICR), officer Richard Diorio, Jr., and manager Cynthia Powell, have agreed to a permanent ban from the debt collection industry after being charged with engaging in bogus debt collection efforts against businesses and non-profits.  The FTC and …

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Hot Air Balloon Festival Scam: What to do if you have been scammed

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From Tampa to Palm Beach County and throughout the nation, a sophisticated scam is occurring which is encouraging people to purchase tickets to a hot air balloon festival the doesn’t actual exist and will never take place.  The scammers fraudulently use the name of real hot air balloon companies, adventure tour companies and real locations …

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Action to Stop Credit Karma From Tricking Consumers With Allegedly False “Pre-Approved” Credit Offers

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The Federal Trade Commission has taken action against credit services company Credit Karma for deploying dark patterns to misrepresent that consumers were “pre-approved” for credit card offers. The FTC alleges that the company used claims that consumers were “pre-approved” and had “90% odds” to entice them to apply for offers that, in many instances, they ultimately did …

Action to Stop Credit Karma From Tricking Consumers With Allegedly False “Pre-Approved” Credit Offers Read More »

More than $822,000 Returned to Students Deceived by Student Advocates’ Debt Relief Scam

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The Federal Trade Commission is sending 14,521 checks totaling more than $822,000 to borrowers who lost money to a student loan debt-relief scheme that operated under the name Student Advocates. Consumers who receive checks should cash them within 90 days, as indicated on the check. Recipients who have questions about their refund should call the …

More than $822,000 Returned to Students Deceived by Student Advocates’ Debt Relief Scam Read More »

First American, a Payment Processor, is Required to Refund $4.9 Million, End Tricks and Traps

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The Federal Trade Commission today took action against payment processing company First American Payment Systems and two of its sales affiliates for trapping small businesses with hidden terms, surprise exit fees, and zombie charges. The FTC alleges that the defendants made false claims about fees and cost savings to lure merchants, many of whom had limited English …

First American, a Payment Processor, is Required to Refund $4.9 Million, End Tricks and Traps Read More »

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