FMOOD 0078: A Brand-New Debt Trap - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-03-04T14:00
Today I discovered a new tactic that some companies are now using in order to trap us into debt. Personally, I've never seen this tactic used before, so it was brand-new to me. It came in the form of a check. I simply needed to endorse the back of the check, deposit it into my bank account, and the loan was effectively switched on.
I was amazed when I saw this. It's a whole new level of attempting to trap us into debt. What's more, the letter of congratulations that comes with the check spells out just how easy it is to take advantage of the offer. I can only imagine the temptation if someone is truly desperate for funds to grab the check, run to the bank to deposit it, and find themselves in a horrible debt trap. It's horrible because the back of the letter spells out the fine print to the tune of an APR of almost 30% interest. Yikes.
Don't fall for this trap. Warn your friends and family about this new tactic as soon as you can. Make sure to have your shredder nearby just in case you also get one of these in your mailbox.
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