Given advancements in technology and the wide range of financial products and services available to consumers these days, understanding and protecting your finances is more important today than ever. Educating yourself and doing your homework can go a long way toward avoiding many problems. Taking the time to become a knowledgeable consumer will work to your advantage, especially when making financial decisions that will affect you for years to come.
Red Flags
Exhibit caution when:
A sales representative tries to pressure you or talk you into extra products, services, or features.
You receive incomplete or conflicting information, such as being told something different than what you've read.
You receive or are asked to sign any document that has blank spaces.
An agent seems unwilling to answer your questions or tends to talk around them without addressing your concerns.
An advertisement or salesperson promises a quick fix to a problem, particularly when you have to pay a lot of money up front before receiving any help. If it sounds too good to be true, it probably is.
New Pamphlet Aims to Help Consumers Protect Their Credit
The AFSAEF recently unveiled a new pamphlet, Protecting Your Credit, that provides tips, warning signs of fraudulent activity, and resources for help. The new brochure was created to educate consumers and help them take charge in avoiding abusive and fraudulent practices related to consumer finance.
The information presented on this page can be found, in more detail, in the new, free pamphlet.
Before making any financial decision, the first step you should take is to develop a budget so that you can evaluate your current financial picture. An important way to protect yourself is to make sure that you are not talked into a financial services product or service that you can't afford - and knowing beforehand what you can afford. The AFSAEF's consumer budget planner is an interactive tool for creating and adjusting your budget.
U.S. consumers are being inundated with prerecorded robocalls from companies claiming they can negotiate lower credit card interest rates - for a fee. The Federal Trade Commission urges extreme skepticism about these offers, because many of them are fraudulent. The FTC says consumers have just as much pull with their credit card issuers as these companies. Consumers should avoid paying middlemen and negotiate directly with the credit card companies.
- Federal Trade Commission
An important way to protect yourself is to make sure that you are not talked into a financial services product or service that you can't afford - and knowing beforehand what you can afford. The AFSAEF's consumer budget planner is an interactive tool for creating and adjusting your budget.
