Lower rates could increase your debt

Many people carry a balance on one or more credit cards. When it comes to paying off that balance, the lower the interest rate on the card, the lower the interest charges on that debt and the more quickly a person can pay it off. Debt isn’t an enjoyable companion that accompanies people on the journey of life. It’s a thing to be wiped out as quickly as possible to avoid becoming a perpetual slave to debt. Scammers know this, and use a person’s desire to get out of debt to their advantage.

A scammer may call a target pretending to be from card services and say just enough to get the target to reveal what credit card the person owns. The scammer will then offer to lower the person’s interest rate to save the person money and get out of debt faster or pay less in interest charges on future purchases. All the scammer needs to complete the process is to very information that should already be in the credit card company’s database such as the card number, expiration, and verification code on the card.

Don’t fall for this scam. If a credit card company were to call you to offer lower interest rates, it doesn’t need any account information to do it. The company has all the information it needs, and requires nothing more than a verbal agreement from you to lower your rates.

Keep your credit card safe and never reveal information on the card to a cold call, no matter who the person claims to be.