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Protecting What Matters Most: Recognizing and Preventing Financial Elder Abuse

6/13/2025

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At Ingersoll Rand Federal Credit Union, we believe everyone deserves to age with dignity, security, and peace of mind. On Elder Abuse Awareness Day, we stand with our community to raise awareness about the growing and often silent crisis of elder abuse—especially financial abuse, which can have devastating consequences on older adults’ independence and wellbeing.

What Is Financial Elder Abuse?
Financial elder abuse occurs when someone illegally or improperly uses an older adult’s money, property, or assets. This can take many forms, including:
  • A trusted friend, caregiver, or even a family member stealing or coercing access to bank accounts.
  • Scammers posing as government officials or romantic interests.
  • Unauthorized use of debit or credit cards.
  • Being pressured into changing a will, deed, or power of attorney.
Sadly, financial abuse often goes unreported—whether due to embarrassment, fear, or confusion—and can drain retirement savings and erode trust.

How to Spot the Warning Signs
If you notice any of the following, it could be a red flag:
  • Unusual or sudden changes in financial activity.
  • Frequent or unexplained withdrawals or transfers.
  • A new person “helping” manage finances, especially if they discourage the individual from speaking with others.
  • Unpaid bills or shut-off notices, despite adequate resources.
  • Anxiety or confusion when discussing money or bank accounts.

What You Can Do
If you suspect someone is being financially exploited, don’t ignore your concerns. Here are steps you can take:
  1. Speak Up – Gently talk to the individual if you feel comfortable and express your concern.
  2. Report It – Contact local Adult Protective Services or law enforcement.
  3. Encourage Safe Banking Habits – Suggest they speak with their trusted financial institution.

How IRFCU Can Help Protect Our Members
At IRFCU, we’re committed to protecting all members—especially our seniors—from fraud and financial exploitation. We offer tools and support to help guard against abuse:
  • Account Alerts & Monitoring – Members can set up customized alerts through our online and mobile banking to be notified of any unusual activity.
  • Card Controls in Our Mobile App – Instantly lock/unlock your debit card, set spending limits, and receive transaction notifications.
  • Free Financial Counseling – Our team is available for confidential financial reviews to help spot irregularities and offer guidance.

Let’s Stand Together
Elder abuse, especially financial exploitation, is not just a personal tragedy—it’s a community issue. By staying informed, staying vigilant, and standing up for those who may not be able to stand up for themselves, we can protect the people who built and shaped our communities.

If you or someone you know needs help, contact IRFCU today. Our team is ready to assist with care, confidentiality, and compassion.
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Your money. Your trust. Your Credit Union.
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don't tax my credit union

4/23/2025

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As nonprofit institutions, credit unions have long enjoyed tax-exempt status. This enables them to pass on the savings to their members through higher dividends and lower interest rates on loans. This member-first approach is the reason more than 140 million Americans choose credit unions.

However, the new administration and Congress are moving fast on tax reform, and this can mean adding a new tax on credit unions and their members. Let’s take a look at what this means and steps you can take to prevent it from happening.

The political conversation
Several states and federal legislators are reviewing all policies that affect financial cooperatives. Proponents of these changes argue that all financial institutions should contribute equally to state and federal revenues, while opponents maintain that credit unions provide essential community benefits that would be jeopardized by new taxes. This debate is fueled by larger conversations about fiscal policy, the role of cooperatives in the economy and how best to support local communities in times of economic uncertainty.

How credit union tax status may change
Currently, the tax-exempt status of credit unions is based on their nonprofit, member-focused structure. However, in today’s shifting political landscape, some lawmakers and financial institutions have questioned whether credit unions should continue to benefit from this exemption. This can impact credit unions and their members in a big way. Potential changes might include:
  • Reclassification as taxable entities. If the changes take place, credit unions could be subject to corporate income tax, which would significantly alter their financial structure and operations.
  • Additional fees and assessments. Instead of a full tax, some proposals suggest imposing special assessments or fees on credit unions to “help level the playing field” with commercial banks.
  • Stricter regulatory oversight. Any move to change the tax status would likely come with increased oversight, which could raise operating costs and reduce the benefits currently being passed on to members.

What you can do about the potential changes
Credit unions need you! 
Every credit union member needs to join this fight. It’s important for federal lawmakers to know that getting rid of the credit union protected federal income tax status would hurt the people they were elected to serve. 
A new tax on credit unions could significantly hurt your financial well-being. You may have to pay fees on checking accounts and pay higher interest rates on loans. In addition, your savings accounts may grow at a slower pace if your credit union needs to lower the offering rates on share/savings products. 

Take action now! Send a message to our state representative and senator today! OR visit Don't Tax My Credit Union and tell congress!
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The sooner we make our voices heard, the better the chance we have of preventing the new legislation from being passed. Do it today!
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What I Wish I Learned in School 4 of 12: Taxes Demystified

4/14/2025

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Taxes can seem daunting, especially when you’re just starting out. Here’s everything about taxes you wish you’d learned in school.

1. Taxes are inevitable
The first thing to know is that taxes are a part of life. Whether you’re earning a paycheck, running a business or investing, you’ll interact with the tax system. The key is to be informed and organized.

2. Your paycheck doesn’t show the whole picture
If you’ve ever wondered why your take-home pay is less than your salary, taxes are the answer. Employers withhold income taxes, Social Security and Medicare from your paycheck. This is called “pay-as-you-go” taxation.
Review your W-4 form when you start a new job or when your financial situation changes. This form determines how much federal income tax your employer withholds. Claiming too many allowances could lead to a big tax bill in April, while too few may mean you’re overpaying.

3. Tax deductions and credits are your friends
One of the most confusing aspects of taxes is the difference between deductions and credits:
  • Deductions lower your taxable income, which reduces the amount of tax you owe.
  • Credits are even better because they directly reduce the amount of tax you owe.
Learn which deductions and credits you qualify for.

4. Filing isn’t as scary as it seems
Gather all your important documents:
  • W-2s from your employer(s)
  • 1099s for freelance work or investment income
  • Receipts for deductible expenses
  • Records of charitable donations
Next, choose a filing method. You can use tax software or hire a professional.

5. Keeping records is crucial
The IRS recommends keeping tax-related documents for three years. This includes:
  • Pay stubs
  • Bank statements
  • Tax returns
  • Receipts for deductions
Keep these documents in a safe place for easy access.

6. Understand the difference between a refund and a bill
Getting a tax refund may feel like a bonus, but it means you paid more in taxes than you owed. On the flip side, owing taxes at the end of the year can be stressful. To avoid surprises, adjust your withholding or make estimated tax payments if you’re self-employed.

7. Retirement accounts offer tax advantages
It’s important to know how powerful retirement accounts are for saving on taxes. Contributions to traditional IRAs and 401(k)s are often tax-deductible, reducing your taxable income. Roth IRAs don’t offer an upfront deduction, but your withdrawals in retirement are tax-free.
Taking advantage of these accounts can help you build wealth while lowering your tax burden.

8. State taxes matter, too
Most states have income taxes, and each state has its own rules and rates. Research your state’s tax laws to avoid surprises and plan accordingly.

9. Deadlines are non-negotiable
The IRS tax filing deadline is typically April 15, but it may vary if on a weekend or holiday. Missing this deadline can result in penalties and interest on any taxes owed.
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Use this guide to learn all about taxes.
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What I Wish I Learned in School 3 of 12: Credit Card Smarts

4/14/2025

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When it comes to life skills, managing credit cards is one of the most important lessons. But, mastering the ins and outs of responsible credit card management can be the key to a lifetime of financial wellness. On the flipside, irresponsible credit card usage might trigger a downward spiral toward long-term debt and not being able to get larger loans later on. Here are the basic credit card smarts to know.

Understand how credit cards work
A credit card is a short-term loan. So there is an expectation that you’ll pay it back — ideally on time and in full. Many first-time credit card owners don’t realize that paying only the minimum balance can lead to a lot of interest charges, and thus, make every purchase more expensive over time. Know the annual percentage rate (APR) on each of your credit cards and understand how interest accrues for times when you must carry a balance on your card.

Build credit early
Your credit score plays a pivotal role in your financial life. It can impact everything from your ability to rent an apartment to securing a car loan or even landing a job. It’s also super-important to start building your score as early as possible because the length of your credit history makes up a large percentage of your credit score. Paying your bill on time and keeping your credit utilization low are key factors in keeping a healthy credit score.

Use your credit card like a debit card
Credit cards make it easy to spend money you don’t have. As a teenager or college student, the temptation to swipe for meals, new clothes or gadgets is hard to overcome. It’s important to remember, though, that every swipe adds up. Losing track of your spending might bring a balance that’s difficult to pay off. Budgeting and tracking expenses are crucial habits to develop early on to avoid credit card debt.

Never miss a payment
Never miss a credit card payment, even if you can only afford to pay the minimum payment. Missing just one payment can have a bad impact on your credit score, in addition to late fees and penalty interest rates.

Understand rewards and perks
Credit cards often come with rewards programs, cash-back options and perks, like travel insurance or purchase protection. While these benefits can be valuable, they shouldn’t drive your spending. Make sure you weigh the potential costs of using your credit card for purchases before deciding to whip out the plastic.

Avoid credit card traps
Credit card companies don’t always make their terms crystal clear, and that’s no accident. Before signing up for a new credit card, read the fine print. For example, an enticing 0% APR offer might revert to a much higher rate after the promotional period.

Learn about credit utilization and its impact
Credit utilization refers to the ratio of your credit card balance to your credit limit. This percentage significantly impacts your credit score. It’s best to keep your credit utilization (across all your cards) below 30%.
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Use these tips to learn how to manage your credit cards responsibly.
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What I Wish I Learned in School 2 of 12-Budgeting Basics: A Step-by-Step Guide to Taking Control of Your Finances

4/14/2025

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Managing your money doesn’t have to be hard! Here’s how to budget in seven simple steps.


Step 1: Know your income
Before you can plan your spending, identify exactly how much money is coming in. List all sources of income in your household, including:
  • Salary after taxes
  • Side hustle earnings
  • Investment returns
  • Any other regular inflows
Be realistic and stick to consistent, reliable income sources when calculating your monthly total.


Step 2: Track your expenses
Now you’re ready to track your spending. Keep a log of every purchase you make over 30 days. Divide your expenses into the following categories:
  • Fixed expenses, like rent or mortgage, insurance and car payments.
  • Variable expenses, like groceries, dining out and utilities.
  • Discretionary spending, like subscriptions, hobbies and shopping sprees.

Step 3: Set financial goals
Having a clear financial goal will motivate you to stick with your spending goals. For example, you may want to pay off high-interest debt, save up for a large purchase or prepare for retirement. Clarify your goals before moving on.
Break your goals into short-term goals (saving $500 in three months) and long-term goals (paying off $20,000 in student loans over five years).


Step 4: Choose a budgeting method
Choose the budgeting method that aligns with your personality and lifestyle:
  • Zero-based budgeting. In this traditional form of budgeting, every dollar is assigned a job. If you earn $3,000 monthly, allocate it to cover all expenses, saving and debt repayment until there’s no money unaccounted for.
  • 50/30/20 rule. In this plan, you’ll allocate 50% of your income for needs, like housing, food and utilities; 30% for wants, like entertainment, dining out and hobbies; and 20% for savings and debt repayment.
  • Envelope system. This plan involves putting cash for each category into labeled envelopes. When the money’s gone, the spending in that category stops.

Step 5: Trim your spending where needed
Budgeting can show you where you’re leaking money. There’s no need to sacrifice all indulgences, but trimming unnecessary expenses can free up money for savings or debt repayment.
Here are some tips for trimming expenses:
  • Cook your favorite foods at home instead of dining out.
  • Cancel subscriptions you don’t really use.
  • Shop smarter with sales, coupons and cash-back apps.
  • Choose free or low-cost entertainment.

Step 6: Build an emergency fund
Without an emergency fund, any unexpected expense can throw off your budget and set you back with your financial goals. Aim to save up at least $1,000, then gradually work up to 3-6 months’ worth of living expenses.


Step 7: Review and adjust
Life is unpredictable, and so is your budget. Review it monthly to ensure it reflects your current income, expenses and goals.


Tips for sticking to your budget
Follow these tips to stick to your budget:
  • Automate your savings.
  • Track progress and celebrate small wins.
  • If one method isn’t working, try another.
  • Use apps to help you.
Use this guide to get started on budgeting today!
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What I Wish I Learned in School 1 of 12: Compound Interest

4/14/2025

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If there’s one financial concept that has the power to change lives, but is underappreciated, it’s compound interest. For most of us, compound interest wasn’t covered in school, leaving us to stumble upon its magic later in life. And it’s sometimes too late for us to fully benefit from its power. Here’s why understanding compound interest early could make all the difference.
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What is compound interest? 
Compound interest is the process of earning interest on both the initial principal of an investment and the accumulated interest over time. In other words, your money makes money, and that money makes more money, too. Compound interest has tremendous potential to grow wealth when applied consistently over time.

An example of compound interest
Imagine you invest $1,000 at a 5% annual interest rate. If the interest is simple (not compounded), you earn $50 annually. After 10 years, you have about $1,500. But, with compound interest, you earn interest on the $1,000 in year one, then on $1,050 in year two, and so on. After 10 years, your $1,000 grows to $1,628.89 — not because the rate is higher, but because of the compounding effect.

Why timing matters
Compound interest thrives on a single crucial element: time. The earlier you start saving or investing, the more exponential the growth.

For example, investing $200 a month at age 25, with an annual return of 7%, will net you nearly $480,000 by age 65. If you start the same plan at age 35, you’ll only have approximately $227,000 by age 65.

Lessons on compound interest you wish you’d learned in school

Here are the most important principles of compound interest:
1. Start early, even with small amounts. Compound interest needs time to work its magic, and even a small amount of investing early in life could lead to significant returns over time.
2. The Rule of 72. Divide 72 by your annual interest rate, and you’ll get the number of years needed for your investment to double. Learning this trick early can inspire better saving habits.
3. Compounding works for debt, too. Credit card debt, for example, compounds at alarming rates, turning small balances into financial nightmares.
4. Harness the power of automation. Setting up automatic transfers to savings or investment accounts ensures consistent contributions and removes the temptation to spend.

Why understanding compound interest can be life-changing
Understanding the concept of compound interest can truly be life-altering. Here’s why:
  • Increased financial freedom with robust investments.
  • Less stress in emergencies, thanks to fast-growing savings.
  • Early start on retirement savings, ensuring years of growth.

How to make up for lost time
It’s not too late to start harnessing its power. Here are a few steps to get going:
  • Open a high-yield savings account, certificate, or start investing.
  • Take advantage of employer-matched funds in retirement accounts.
  • Automate your savings to ensure consistency.
  • Educate yourself to better understand how compounding works.
Learning to harness the unique power of compound interest can make all the difference to your financial health.
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Debit Card Account Takeover Scam

1/23/2025

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In today’s digital world, debit card fraud is an ever-present threat. Among the many tactics scammers use, debit card takeover scams are particularly alarming. These scams can result in unauthorized access to your financial accounts, drained bank balances, and countless hours spent trying to recover your hard-earned money, which is often futile. The good news? By recognizing the warning signs and taking proactive measures, you can safeguard yourself against such attacks. 

How it works: 
Scammers often call, text, or email you posing as your financial institution. They will go as far as making the numbers or email addresses appear to be from the real institution. They give you enough information to make you believe it is legitimate, like card numbers, phone numbers, and even addresses. Then they will try to scare you with some sort of threat, like a fraudulent charge, or overpayment. The scammers then ask for account or personal information. They will ask for things like pin numbers, social security numbers, or passwords. LEGITIMATE financial institutions will never call you requesting sensitive information this way. 

How to Avoid Falling Victim to This Scam 
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Be Wary of Suspicious Calls 
  • If someone calls claiming to be from a financial institution and demands your information, especially with urgency or threats, hang up immediately. Instead, contact your financial institution directly using a verified phone number. 
Avoid Clicking on Links in Emails or Texts 
  • Refrain from clicking any links in unsolicited emails or text messages. If you’re unsure, reach out to your financial institution directly to verify the communication. 
Enable Account Alerts 
  • Take advantage of account protection tools offered by your financial institution. At IRFCU, we provide debit card alerts that notify you whenever your card or card numbers are used in-store or online. If you notice unusual activity, you can lock your card instantly. Additionally, we offer a wide range of eAlerts to keep you informed about your account activity. 

Final Thoughts 
Debit card takeover scams are unsettling, but with awareness and proactive steps, you can protect yourself. Educate yourself about the latest fraud tactics, remain cautious with your financial information, and always trust your instincts. Remember: when in doubt, contact your bank or credit union directly to verify any suspicious communication or activity. By staying vigilant, you can safeguard your finances and peace of mind. 
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bitcoin atm scams

1/22/2025

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Bitcoin ATMs are becoming increasingly common, appearing in gas stations, grocery stores, smoke shops, and other locations. However, scammers are exploiting these machines to steal money from unsuspecting victims. According to the Federal Trade Commission, consumer losses from Bitcoin ATM scams have reached $114 million—and this alarming trend has even affected our local community. 
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How it works: 
Scammers typically call victims and create a sense of panic by presenting an urgent and dire situation. Using intimidation and pressure, they convince the target that the only resolution is to withdraw money from their bank account and deposit it into a specified Bitcoin ATM. 
Unfortunately, due to the nature of Bitcoin and its systems, once the funds are transferred, they cannot be recovered. 
 
How to Avoid Falling Victim to a Bitcoin ATM Scam
  • NEVER share sensitive or private information in response to unexpected calls or emails.
  • ALWAYS verify the legitimacy of any request before taking action.
  • Be cautious if the caller uses threats, intimidation, or urgency to pressure you into acting quickly.
  • Remember, no legitimate organization will demand payment in cryptocurrency or threaten immediate legal consequences for not providing personal information or payment.
  • Be wary of anyone asking you to scan a QR code or requesting a code sent to your phone.
  • If something feels suspicious, trust your instincts. Slow down, think carefully, and avoid giving out personal information or access to your devices.
If you believe you’ve fallen victim to a scam, contact your financial institution immediately for assistance.
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McAffee imposter scams

1/22/2025

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McAfee imposter scams are a type of phishing or fraud where scammers pretend to be from McAfee, a well-known antivirus company, to deceive individuals into giving away sensitive information, money, or access to their devices. Here's how to spot such scams and what to do if you’re targeted: 

  • The pop-up uses alarming, urgent language claiming your device is already infected or your data is at immediate risk.
  • It includes a countdown timer pressuring you to act quickly before supposed damage occurs.
  • The alert requests payment information or instructs you to call a "support number" to resolve the issue.
  • You cannot easily close or navigate away from the pop-up window.
  • Check if you have McAfee software installed in Control Panel or Settings. If you do not have it installed, then it is a fake pop-up.
  • Watch for common red flags indicating an unsolicited email, text, or call is likely the McAfee subscription scam rather than legitimate.


We advise that you immediately shut down your computer. DO NOT click any links provided. DO NOT call any number provided. Do not let their manufactured urgency scare you into giving the scammers any sensitive information.
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  • Ignore emails, calls, or pop-ups claiming to be from McAfee if they seem suspicious. Avoid clicking on links or providing any personal information.
  • If you’ve shared payment information, monitor your bank and credit card statements for unauthorized charges. Notify your financial institution immediately.
  • Update any passwords you may have shared or that could be compromised. Use strong, unique passwords for each account.
  • Stay informed about phishing tactics and regularly review cybersecurity best practices.
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Q&A: How Can I Determine if a Debt Consolidation Service is Legitimate?

11/19/2024

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Q: How can I determine if a debt consolidation service is legitimate?

A: In a debt consolidation scam, an alleged debt consolidation service will reach out to an individual with an offer to consolidate all debt into one low-interest loan. But, after fees and information are collected, the “company” vanishes and never fulfills its promise of moving the debt. 

Debt consolidation scams can be difficult to spot, so it’s a good idea to learn how to recognize the red flags. Here’s how to determine if a debt consolidation service is legit. 

Check accreditation and licensesLegitimate debt consolidation companies should be accredited by recognized organizations like the National Foundation for Credit Counseling (NFCC) or Financial Counseling Association of America (FCAA). These organizations set strict ethical guidelines for member companies. Also, many states require debt consolidation services to hold a license to operate. You can verify a company’s legitimacy by checking with your state’s regulatory body.

Research the companyThoroughly research the company by checking reviews from previous clients. You can also look up the company on sites like the Better Business Bureau (BBB) and Trustpilot for honest customer feedback and ratings. If you notice a pattern of complaints, especially regarding shady business practices, take it as a signal to avoid them.

Understand the fees and costsLegitimate debt consolidation services should be transparent about their fees. If a company is vague or hesitant to detail costs upfront, this is a big-time warning sign. Typical fees can include origination fees for setting up the loan or service, and some may charge a percentage of the debt amount. However, any high and unexplainable fees should be considered a red flag.

Be wary of upfront feesBe cautious of any service wanting payment before doing anything. This is often a telltale sign of a scam. Genuine debt consolidation services usually take their fee from the amount saved or through regular payments once the debt restructuring or consolidation is in progress.

Evaluate the terms and interest ratesA legitimate debt consolidation service will offer clear and reasonable terms. Before signing up, review the proposed interest rates and compare them to your existing debts. While the purpose of debt consolidation is to lower your overall interest rate, some companies may offer terms that don’t actually do that in the long run.

Avoid companies with claims that sound too good to be trueOne major sign of a debt consolidation scam is a company that makes outrageous promises. If a service claims it can “erase your debt overnight” or “guarantee results,” proceed with caution. No legit company can promise to remove your debt entirely without repayment or to erase it from your credit history instantaneously.

Ask about their debt counseling servicesMany legitimate debt consolidation companies offer credit counseling services as part of their offering. These services should include educating you on managing your debt, budgeting and financial planning. This ensures you don’t fall back into financial trouble later. If a company isn’t interested in helping you improve your financial habits and only focuses on consolidating your debt without any long-term guidance, it’s worth reconsidering your choice.

Consult with a financial advisorA third-party professional who is not tied to the debt consolidation company can help you review the terms and ensure the option you’re considering is truly in your best interest. They can also help you weigh other potential solutions, such as debt management or bankruptcy, depending on the severity of your situation.

Red flags 
Before choosing a debt consolidation service, check for these warning signs:
  • High pressure tactics
  • Upfront fees
  • Poor reviews
  • Vague explanation of fees
  • Outrageous claims
  • Unsolicited contact
  • Guaranteed approval

If you encounter any of these in a debt consolidation service, you are likely looking at a scam. 

Stay alert and stay safe!
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How to Celebrate Thanksgiving on a Budget

10/29/2024

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Thanksgiving isn’t cheap! With the costs of food, decor and travel, there are so many expenses to cover. With a bit of planning, though, you can enjoy a festive holiday without breaking the bank. Here’s how to save on Thanksgiving costs this year.


Start your shopping early
Retailers start displaying Thanksgiving staples early, so if you start ahead of time, you can build up your supplies over weeks while spotting the best deal on everything. Plan your menu around these deals to save even more. 


Stick to your list and budget
Before starting your prep, take the time to create a Thanksgiving shopping list and a budget for all your expenses. Without a budget, it’s easy to go overboard with your shopping. Be sure to include all Thanksgiving expenses in your budget.


Plan your travel wisely
If your Thanksgiving plans include traveling, follow these tips to keep costs low.
First, choose to fly on slower travel days. Flying the Monday before Thanksgiving will generally net you cheaper tickets than traveling on Tuesday or Wednesday. You’ll also want to book tickets at least six weeks ahead so you don’t end up paying a premium for last-minute plans. Finally, consider traveling lightly to avoid baggage fees. 


Go potluck
Save on your Thanksgiving dinner costs by sharing the load and going potluck. Ask each of your guests to bring along one dish for a dinner that’s easier to prepare and lighter on the wallet. As a bonus, your dinner will have a lot more variety and will likely be more enjoyable as well. 


Keep it simple
Thanksgiving is about spending time with the people who matter to you most and expressing gratitude for blessings in your life. Keep this in mind as you prepare for the holiday and resist the pressure to go overboard with food or décor. A simple meal served by a calm and present host can be more meaningful than an extravagant spread prepared by a cook who is frazzled and worn out. 


Decorate on a budget
Instead of spending boatloads of money on store-bought décor, make your own with items you already have. Beautiful fall leaves, pinecones and branches can be used to create striking centerpieces and table settings. You can also repurpose things you already own, like Mason jars, candles and baskets.
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Use these tips for a memorable Thanksgiving on a budget. 
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What Are Some Side Hustles I Can Do This Holiday Season?

10/29/2024

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Q: This time of year can be expensive, so I’m looking to pad my pockets with some extra cash. What are some side hustles I can do during this holiday season?
A: The holiday season can take a toll on anyone’s budget. Here are five side hustles you can do this holiday season to earn some extra money:

Holiday gift-wrapping service
Gift wrapping can be time-consuming, and many people would gladly pay someone else for this task, especially during the busy holiday season. 
You can offer your services in several ways:
  • Partner with local businesses to do gift-wrapping for customers in-store.
  • Set up a booth near a shopping strip or mall.
  • Offer a mobile service to pick up gifts, wrap and return them to your clients.
  • Promote your services on social media, targeting busy shoppers who need an extra hand.
To stand out, consider offering unique wrapping styles, eco-friendly options or personalized touches, like custom gift tags.

Holiday light installation
Stringing up those lights on the roof, trees and around the yard can be a big hassle. This is where you come in! Offering a holiday light installation service can be a lucrative side hustle.
Here’s how to get started:
  • Create a price list based on job size and complexity.
  • Offer both installation and removal services. 
  • Promote your services via local neighborhood groups on Facebook or apps like Nextdoor.
You will likely need insurance for this job, but otherwise, it doesn’t take too much equipment to get started on this holiday side hustle, just a ladder, some outdoor extension cords and a little creative flair. 

Seasonal baking or catering
The holidays are the perfect time to turn your kitchen into a money-making machine. From cookies and cakes to holiday-themed dishes, people love having homemade goodies at their holiday gatherings, but not everyone has the time to make them. 
Ideas for seasonal baking or catering include:
  • Offering baked goods like cookies, pies, cakes or even custom-designed gingerbread houses.
  • Providing ready-to-serve holiday staples like stuffing, casseroles or dessert trays for parties.
  • Creating meal prep or holiday meal kits for people who want a homemade feast, but don’t have the time to prepare it.

Freelancing onlineIf you prefer staying indoors during the cold winter months, online freelancing offers a flexible and profitable way to earn extra income.
Popular freelance opportunities include:
  • Writing and editing. Businesses and bloggers often need holiday-themed content, social media posts and newsletters written and edited. 
  • Graphic design. Businesses may need help designing holiday cards, banners or creative seasonal ads.
  • Virtual assistance. Help small businesses manage their holiday customer service, respond to emails or handle scheduling.
Check out sites like Upwork, Fiverr or Freelancer.com to help you get started on your freelancing journey. 

Personal shopping and errand running
Between gift buying, holiday party planning and traveling, there’s not much time to catch a breath during the holiday season. If you have a knack for shopping or enjoy helping others get things done, consider offering a personal shopping and errand-running service.
Here’s how you can turn this into a side hustle:
  • Gift shopping. Help busy clients find the perfect presents, and even offer wrapping services to go along with it.
  • Grocery shopping. Assist clients with purchasing holiday meal ingredients and delivering them to their door.
  • Errand running. Help with tasks like mailing holiday cards, shipping packages, picking up dry cleaning or even handling last-minute returns.​
Promote your services through local groups, social media or apps like TaskRabbit or Thumbtack, which connect people with freelance service providers.
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Beware Auto Repair Scams

10/15/2024

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Unless you’re an auto mechanic or self-professed expert on cars, you likely don’t know all there is about the inner workings of your car. This can make you vulnerable to falling for an auto repair scam, which can be challenging to spot. 

Here’s what you need to know about auto repair scams, and how to keep yourself from falling victim. 

How auto repair scams play out
Auto repair scams can come in many forms, but they generally follow a similar pattern. Here are a few common scenarios:
  • The mystery problem scam. You take your car in for a simple issue, like an oil change or tire rotation and the mechanic “discovers” a more serious, often vague problem requiring immediate attention. 
  • The bait and switch scam. Here, a repair shop advertises a low price for a common service. Once your car is in the shop, they’ll find additional “necessary” repairs that inflate the final bill. The shop may even perform the extra work without your consent, leaving you with no choice but to pay.
  • The used parts scam. In this scam, a mechanic charges you for new parts but installs used or refurbished ones. The parts may be of inferior quality, leading to more frequent breakdowns and the need for additional repairs..
  • The endless repairs scam. After completing a repair, the mechanic tells you that another unrelated issue needs fixing. This cycle continues, with one repair leading to another, making it seem like your car is constantly in need of service. 
Red flags to watch out for
Look out for these warning signs that you may have been targeted by an auto repair scam:
  • Unsolicited repair suggestions. 
  • Vague or confusing explanations for repairs that are allegedly necessary. 
  • High-pressure tactics. 
  • Refusal to provide written estimates. 
  • Unexplained charges on the invoice.

Protect yourself
Here’s how to protect yourself from falling victim to an auto repair scam. 
First, before hiring a mechanic or heading to an auto repair shop, do your research. Look up reviews online, ask for recommendations from friends or family and check the shop’s credentials. It’s also recommended that you familiarize yourself with your car’s basic maintenance needs and how it functions. The more you know, the less likely you are to be taken advantage of.

Next, get a second, or even third opinion on any major repairs before agreeing to have work done.  Comparing estimates can help you determine if a shop is overcharging or recommending unnecessary work.
Keep detailed records of all repairs and services performed on your vehicle so you can 
track its history and identify any inconsistencies if a mechanic claims something needs repeated attention.

Finally, if you find a mechanic you trust, stick with them. Building a long-term relationship can help ensure that your car receives honest, high-quality service over time.
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Auto repair scams can be a nightmare for car owners, but by staying informed and vigilant, you can protect yourself from falling victim. Stay safe!
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Don’t Get Caught In an Extended Warranty Scam

10/15/2024

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You’ve got an unexpected phone call from a helpful representative wanting to sell you a fabulous product, and you didn’t even know you’ve been missing it: an extended warranty on your car. Don’t sign up for anything just yet! You may be the target of an extended warranty scam. 


Here’s what you need to know about extended warranty scams and how to avoid them.


How do these scams play out?
Extended warranty scams play out like this:
First, you get an unsolicited offer. This can be by phone, email or a letter from a company claiming to provide extended warranties for your vehicle after your current warranty expires (whether you have one or not). Next, the scammer seeks to create a sense of urgency by claiming this is a limited-time offer, so you have to act now or risk costly out-of-pocket repairs.  Once you show even the slightest bit of interest, the scammer provides vague or misleading info about the coverage. Then, after convincing you to sign up, the scammer asks for your credit card information to charge an upfront fee and set up recurring monthly payments. When the dust clears, you’ll be left with fake or useless coverage.


Red flags of extended warranty scams
Look out for these signs of an extended warranty scam to protect yourself from falling victim:
  • Unsolicited contact. Be cautious whenever you get an unsolicited offer for an extended warranty.
  • High-pressure sales tactics. If you’re pressured to make a quick decision, you’re likely looking at a scam.
  • Lack of details. If the contact can’t provide you with clear details about the alleged coverage, it’s likely a scam.
  • Request for immediate payment. Any company demanding upfront payment has a very good chance of being a scam.
  • You can’t find any information on the “company”. If there’s no physical address or legit online presence for the alleged company, it’s likely a scam.  

Protect yourself from extended warranty scams
Protecting yourself from extended warranty scams requires vigilance and skepticism. Here are some tips to help you stay safe.
First, before agreeing to any warranty, research the company that’s offering it. Look for reviews to see if the company is registered with your state’s consumer protection agency. A lack of information or negative reviews should be a major red flag.


Next, if you’re unsure whether your current auto warranty is about to expire or if you need an extended warranty, contact your car dealership directly. They can provide accurate information and offer legitimate options, if needed. 
If you are considering an extended warranty on your car, be sure to read the contract carefully. Pay close attention to what is and isn’t covered and don’t sign any contracts until you fully understand the terms. 
Finally, never share personal information with unverified contacts. 
Extended warranty scams can prey on unsuspecting car owners and trap them in high-cost but useless plans. Use this guide to stay safe!
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Anatomy of a Car Payment

10/15/2024

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When you get a loan to buy a car, you’ll get a new set of keys — and a new monthly payment. It may have you wondering how this payment is determined and how it’s calculated. 

So many questions, and we’ve got answers! Let’s break down the parts of a car payment, explain how monthly payments are calculated and offer tips for managing your payments well. 

What re the components of a car payment?
1. Principal 
The principal is the amount of money you borrow to purchase the car. For example, if you buy a car priced at $35,000, and you put $5,000 as a down payment, the principal of your loan is $30,000. 
A portion of each monthly mortgage payment will go toward paying down the principal balance of your loan.
 

2. Interest
Interest is the cost of borrowing money from a lender. It’s calculated as a percentage of the principal amount and is added to your monthly car payment. The interest rate on your loan will depend on a handful of factors like your credit score, the length of the loan term and the current market conditions. 

 3. Loan term
While this is not really a part of the loan, you’ll likely see this referenced on your monthly statement or loan bill. The loan term is the length of time you have for repaying the total loan, typically expressed in months. Common auto loan terms range from 36 to 72 months, with some loans extending even longer. The longer the term is, the lower the monthly payments will be, but the more interest you’ll pay over the life of the loan. 
If you’ve rolled additional costs into the loan, they may also be part of your monthly payment. This can include:

4. Taxes and fees
If you choose to finance taxes, registration fees or other upfront costs of the loan, these will be included in your loan amount and will increase your monthly payment. These costs are not itemized separately; instead, they’ll be incorporated into the principal.

5. Add-ons 
Optional add-ons like extended warranties, gap insurance and other products you choose to finance will also be included in your loan principal, thus increasing your monthly payment.
Additional costs of car ownership
While not included in your monthly loan payment, these expenses are an inherent part of owning a car:
  • Insurance. Lenders typically require you to carry comprehensive and collision coverage as part of your financing agreement, ensuring the car is protected if in an accident. 
  • Maintenance. Your car will need regular maintenance and upkeep, which you’ll need to budget for. 
  • Fuel or electricity. Of course, you won’t be able to drive a car without gas, or springing for electricity to power it.
How are car payments calculated?
To calculate your monthly payment, the lender will take the principal of the loan along with any add-on costs, and the interest amount due, and divide this number by the months in your loan term. This is the amount you’ll need to pay each month. 
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Managing your car paymentManaging your car payment well requires careful planning and budgeting. Here are a few tips to help you stay on top of your payments and minimize the overall cost of your car loan:
  • Compare offers from multiple lenders to find the best interest rates and loan terms. 
  • If possible, make a larger down payment to reduce the amount you need to finance. 
  • Choose a shorter loan term. 
IRFCU auto loans offer great terms, easy eligibility requirements for qualifying members and a quick application process. Call, click or stop by Ingersoll-Rand FCU today to learn more. 
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Q&A: How Does Political Unrest Affect the Economy?

10/15/2024

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Q: Politics are taking a wild ride these days and there’s so much uncertainty about the future of our country. How does political unrest affect the economy?
A: Political instability can shake the foundation of a country’s economy and have far-reaching effects. Let’s look at how political unrest affects the economy.

Market volatility and investor confidence
Political unrest can lead to market volatility, where stock markets and currency values fluctuate without warning. Investors tend to be wary of uncertainty. Whether it’s uncertainty about government policy, the stability of leadership or potential changes in trade agreements, investors will generally respond by pulling back on investments or selling off assets. 

Slower economic growth
When a country is having internal turmoil, its ability to produce goods and services declines. Businesses face operational challenges, including disrupted supply chains, reduced workforce productivity and damaged infrastructure.
In the long run, political instability discourages business investments and entrepreneurship. Entrepreneurs and companies may be reluctant to expand operations or start new ventures in countries having political uncertainty. Without consistent investment in growth, economies stagnate. 

Inflation
When governments become unstable, the country’s currency can lose value due to loss of confidence in economic stability. This devaluation can raise the prices of imports, leading to higher inflation rates as the costs of goods go up.
In countries heavily dependent on imports, political instability can quickly worsen the inflation rate, making everyday items like food, fuel and medicines more expensive. 

Government spending 
One common response to political unrest is an increase in government spending, particularly on military or law enforcement. To restore order, governments may allocate significant resources toward controlling unrest, funding peacekeeping operations or repairing damage caused by protests or uprisings. This puts a strain on public finances.

Trade disruption
Political unrest can disrupt trade, both domestically and internationally. For example, protests can stall shipments of goods in and out of a country, and general unrest can lead to road closures or labor strikes, bringing entire industries to a standstill.
On a larger scale, political instability might lead to sanctions or trade restrictions imposed by other countries. If a nation is seen as volatile or poses risks to global peace, trading partners may reduce or cut ties, further reducing the country’s access to international markets.

Impact on employment and poverty
When political unrest destabilizes an economy, the job market usually suffers. Businesses may close or reduce operations, leading to layoffs and higher unemployment. This is especially common in industries that depend on global supply chains or foreign investment. As businesses face financial uncertainty, they may hold off on hiring or even begin laying off.
High unemployment, in turn, leads to rising poverty rates, especially if the government is unable to provide adequate social safety nets during the crisis. 

Protecting your finances during times of political unrest
While these stats may sound alarming, the good news is that, even during times of political unrest and instability, there are steps you can take to protect your finances from harm.
First, diversify your investments. Spreading investments across different countries, industries and asset classes can help reduce the impact of a crisis in any single region.

If you’re a business owner operating in a politically unstable country, it’s a good idea to develop a contingency plan in case your operations are disrupted.
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Finally, be sure to stay informed about the political climate. Avoiding risky investments and maintaining a healthy emergency fund can help you weather financial uncertainty during politically turbulent times.
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The Anatomy of a Mortgage Payment

8/28/2024

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Trying to understand your mortgage payment can be like trying to decode a secret language. At the very least, you may be wondering what all the lingo means.

No worries; we can help! Let’s take a look at the different components of your mortgage payment, explain how it’s calculated and offer tips for managing payments effectively.

Principal
The principal of your mortgage is the amount of money you borrow from your lender when buying your home. A portion of each payment goes toward paying down this principal. In the early years of your mortgage, a smaller portion of your payment goes toward the principal while most goes toward interest. As time goes on, though, this balance shifts, and more of your payment goes toward principal.

Interest
Interest is the cost of borrowing money from your lender and is calculated on the outstanding principal balance. It’s typically expressed as an annual percentage rate (APR). The interest rate you get depends on several factors, including your credit score, your down payment amount and current market. There are two main types of interest rates: fixed and variable. A fixed-rate mortgage keeps the same interest rate for the life of the loan, while a variable-rate mortgage can change over time based on market conditions. 

Property taxes
Property taxes are levied by local governments and are based on the assessed value of your property. These taxes fund essential services in your community, like schools, police and fire departments and road maintenance. The amount of property taxes you’ll pay varies widely by location. 

Homeowners insurance
Homeowners insurance protects your property and belongings from damage or loss due to events like fires, storms and theft. Most lenders require borrowers to carry homeowners' insurance, so your choice will not be whether to get insurance, but how much coverage to purchase.

Private mortgage insurance 
If your down payment is less than 20% of the home’s purchase price, your lender will likely require you to carry private mortgage insurance (PMI), which protects the lender in case you default on your loan. The cost of PMI varies, but typically ranges from 0.3% to 1.5% of the original loan amount per year. Once you have built up 20% equity in your home, you can usually request to cancel PMI.

Tips for managing mortgage payments
Budget for your payments: Create a budget that includes your mortgage payment and other homeownership costs. 

Refinancing: If interest rates have dropped since you got your mortgage, consider refinancing. Refinancing can lower your interest rate and/or monthly payment. It’s also a way to switch from a variable to a fixed-rate mortgage.

Extra payments: Making extra payments toward your principal can help you pay off your mortgage faster and save on interest paid over the life of the loan. 

Understanding the anatomy of a mortgage payment is essential for managing your finances. Use this guide to learn about the components of your mortgage and how to manage your payments effectively.
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All You Need to Know About Solo 401(k)s

8/28/2024

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Are you self-employed and without a retirement plan? A solo 401(k) may be the solution you need! This retirement plan is designed specifically for self-employed individuals and small business owners who have no full-time employees other than a spouse. 


Let’s take a closer look at solo 401(k)s, how they work and how to manage one effectively.
How solo 401(k)s work
Here are some key features of a solo 401(k).

Contribution limits:
  • Employee contribution. As an employee, you can contribute up to $22,500 in 2024 (or $30,000 if you’re over age 50). 
  • Employer contribution: As the employer, you can contribute up to 25% of your compensation.
  • Total contribution: The combined total contribution limit for 2024 is $69,000 (or $76,500 for those over age 50), if not exceeding 100% of your earned income.
Tax advantages:
  • Contributions are typically tax-deductible, reducing your taxable income for the year.
  • Earnings grow tax-deferred until withdrawal.
Loan provisions:
  • Solo 401(k)s allow you to take out a loan equal to the lesser of 50% of the plan balance or $50,000. 
Investment options:
  • Solo 401(k)s offer a wide range of investment options, including stocks, bonds, mutual funds, real estate and more.

How to manage a solo 401(k) effectively
  1. Maximize contributions. Aim to contribute the maximum allowable amount each year to take full advantage of tax benefits and compound growth.
  2. Diversify investments. Spread your investments across different asset classes to minimize risk. 
  3. Monitor performance. Review your investment performance regularly and adjust your portfolio as needed. 
  4. Stay compliant. Ensure you adhere to IRS rules and regulations to avoid penalties. 
  5. Plan for withdrawals. Develop a strategy for withdrawals that aligns with your retirement goals. 

What are the benefits of a solo 401(k)?
Here are some of the benefits of opening a solo 401(k):
  • High contribution limits
  • Flexible contributions
  • Tax-deferred growth
  • Roth option available through many providers 

What are the potential drawbacks of a solo 401(k)?
Here are some of the potential drawbacks of opening a solo 401(k):
  • You’ll be responsible for administrative responsibilities of the account.
  • Limited eligibility for employees
  • Required minimum distributions (RMDs) start at age 72. 

A solo 401(k) is a versatile and powerful retirement savings vehicle for self-employed individuals and small business owners.
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How Can I Save on Energy Costs This Summer?

7/9/2024

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Q: Summer’s here, and my energy bill is burning right through my budget! How can I save on energy costs?
A: It’s hot out, but you can keep your cool with our energy-saving tips! Follow these hacks to save on energy costs this summer.

1. Have your HVAC system professionally inspected
First, you’ll want to make sure your home is being cooled efficiently. You can do this yourself, but it may be worth hiring a professional to check your HVAC system for leaks and other problems. 

2. 
Use your AC efficiently
Don’t waste any of that cold air! In addition to regular maintenance, ensure you’re using your AC system as efficiently as possible. Avoid placing lamps or large TV screens near your thermostat, clean your air intake vents regularly and keep doors and windows closed when running the AC. 

3. 
Get smart
If you haven’t already done so, consider using smart technology to keep your home cool and your costs down. Connecting your thermostat to a mobile device will enable you to control it from a distance and avoid cooling an empty home. You can also use smart technology to set your thermostat on a schedule that suits your family’s needs. 

4. Get grilling
Your oven and stovetop can heat up much more than your food this summer. Make it a habit to take your cooking outside and keep your home cooler.


5. Time your choresUsing large appliances, like a washing machine and dishwasher, can add extra heat to your home, especially if you live in a small space. Use these machines after dark, when it’s generally cooler. 

6. Use appliances efficiently
  • Only wash full loads of laundry. If possible, use cold water. 
  • Use glass pans in the oven when possible since they retain heat better and can shorten cooking time. 
  • Use appropriately sized pots and pans on your burners. 
  • Only run your dishwasher when it’s full. 
  • Unplug small and medium-sized appliances when not in use.
Use these tips to learn how to save on energy costs this season so you can keep your cool, and your budget, too. 

Have you brought down your energy costs this season while still keeping your house cool? Share your best tips and tricks!
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All You Need to Know About Free Trial Scams

7/9/2024

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It’s a new product — and you can try it for free! 
Sounds amazing? Well, know that a free trial can actually be a gateway to a devastating scam. Here’s what you need to know about free trial scams and how to stay safe.


What are free trial scams?
Free trial scams typically involve a business offering a product or service at no cost for a limited time. But the catch is that by signing up for the trial, consumers unknowingly agree to pay for ongoing subscriptions or other products. These scams are particularly shady because they seem legit, often using professional-looking websites and marketing materials to trick users. There’s also nothing criminal about free trial scams; just manipulative and deceitful marketing.
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How do free trial scams work?
Here are the steps of a free trial scam:
  1. Enticing offers. Scammers lure consumers with attractive offers, such as free trials for popular products like skincare items, dietary supplements or streaming services. 
  2. Hidden terms and conditions. When signing up for a free trial, consumers must provide their credit card information. The terms and conditions, which outline the true cost and the auto-renewal policy, are usually hidden in fine print or on another page.
  3. Auto-renewal traps. After the trial period ends, consumers are automatically charged for a subscription or new products. These charges can be a lot, and they’re usually set up to recur. 
  4. Unauthorized charges. In some cases, scammers continue to charge even after attempts to cancel. These charges can be for various fees or additional products that the consumer did not knowingly agree to pay.
How to avoid a free trial scam
  • Before signing up for any free trial, research the company offering the product or service. 
  • Pay attention to details about the duration of the free trial, the cost of the subscription after the trial ends and the cancellation policy. 
  • Regularly review your checking account and credit card statements for unauthorized charges. 
  • When signing up for any online service, use strong, unique passwords to protect your accounts. 
  • Verify the security of every website you visit.
  • If you decide to sign up for a free trial, set a reminder for a few days before the trial ends. This will allow you to evaluate the product or service before deciding to continue or cancel the subscription before you’re charged.
Stay safe!
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