CashWise Blog

While nobody likes a call from a debt collector, receiving a call from a fake is even worse. In an emerging trend, scammers are posing as payday loan debt collectors and frightening individuals into paying “debts” they never owed.

Ohio Attorney General Richard Cordray has offered some great advice on how to ensure you don’t get caught in the same trap, while putting those scammers back on their heels:

Some red flags in identifying this scam include:

• Refusal to provide the consumer with supporting documentation of debt allegedly owed.
• Callers claim to be representatives from “U.S. Cash.”
• Repayment required through wiring or wire transfer of payments.
• Threats of retaliation if the debt is not immediately repaid.

Cordray advises [individuals] to know their rights under the federal Fair Debt Collection Practices Act (FDCPA), which requires debt collectors to send consumers a written “validation notice” listing the amount of debt a consumer owes within five days of first contact. In turn, consumers have the right to request validation of a debt by sending the collector a letter.

The FDCPA can be reviewed in full here.

We recently included a link to an article that posed a tough question: Namely, “Are you living within your means?” Hopefully, you were able to answer “Yes!” If not, that’s ok. There are plenty of ways to get there—including reigning spending to add a little more cash to our wallets. The following article comes from The Miami Herald and outlines 5 action steps you can take now.

Among the best? Check your wants vs. needs: i.e.– Stop spending. Read the full article here

While economic woes headlining the news day after day can be worrisome, they also serve as a “friendly” reminder  to take a close look at our own finances, where they’re at and where they can be.

While more and more Americans continue to live beyond their means, in most circumstances there are areas we can conduct a financial sanity check to get back to where can have some measure of financial peace. Yahoo Finance is featuring a great article that may help you identify some benchmarks on whether you’re living beyond your means or not.

“As a nation, we are digging ourselves ever deeper into debt. To avoid becoming part of the gloomy bankruptcy and foreclosure statistics, it’s important to measure your financial health regularly. The five signs presented here are not a death sentence; instead, they should be seen as symptoms that allow you to diagnose a problem before it gets worse.”

To read the full article, click here, then tune in as we offer another article with some great “How To” tips .