Top Credit Scams

[jeffrey]

If you're swimming in an ocean of debt, keep an eye out for sharks. Credit-related scams are among the most common types of financial fraud foisted on Americans, accounting for three of the top four categories of fraud in a Federal Trade Commission survey released last week.

The FTC estimates that nearly 25 million Americans, or 11.2% of adults, were victims of fraud from May 2002 to May2003. Consumers who were having trouble managing their debt were more likely to be fraud victims, the FTC said. Only 2.7% of consumers without debt were victimized, vs. 19.2% of those with too much debt.

People with a large amount of debt, "are the most vulnerable of our citizens," says David Jones, president of the Association of Independent Consumer Credit Counseling Agencies, a trade group. "They fall prey to every kind of scheme you can think of." Here's a look at the top credit-related scams... [read more at usatoday.com]

For more Internet scams to keep a watchful eye out for, read the Saving Advice.com article Common Internet Scams