Hot Topics in Personal Finance
The data is in! NCL's Fraud Center has released the Top 10 scams of 2011, and bogus prizes and sweepstakes have bumped fake check scams to take the #1 spot. Also on the rise, and a concern for advocates, is that scammers posing as loved ones and preying on victims' emotions, like the Grandfather Scam we've reported on in recent months, are on the rise.
Payday loans are short-term loans marketed to consumers in need of cash – a growing population in this economy. The loans – plus often high interest rates – are to be repaid on the next pay day, and consumer advocates warn consumers against using payday loans because they are a short-term solution that come at a very high cost. To make things worse, NCL’s Fraud Center is hearing about a new twist on payday loan scams from consumers.
As temperatures are heating up, consumers’ thoughts are increasingly turning to making vacation plans. Unfortunately, scammers will be on the lookout as well … for unwary victims.